Civics Chapter 14- Principles of Our Market Economy

The law of demand says

Owners of a corporation

Payment for the use of capital

How is price determined in a free-enterprise economy?

Most common type of business in U.S.

Organizations of workers that seek to improve wages & working conditions & protect rights

Producers, or suppliers, need all of the following except

A refusal to buy products or services

Type of business that makes almost 90% of total sales in the U.S.

The amount of a product or service buyers are willing & able to buy at different prices

Today, farmers make up less than what % of American workforce?

A business owned by an individual

Likely the most common motive for starting a business

The amount of a product producers are willing and able to provide at different prices

A business that is a separate legal entity from its owners

The price at which buyers and sellers agree to trade

Often considered the 4th factor of production

1935 law requiring employers to bargain with unions representing a majority of employees

The 2 basic sides in a market economy

The circular flow of economic activity can be described as

contracts in which workers promise not to join a union

Type of business that allows the owner to be his or her own boss

There can be other influences on demand besides price

Producers pay this in exchange for the use of land

Two or more people sharing ownership of a business

Supply and Demand work together to determine price and the quantity offered

nickname of non-union workers

The law of supply says

Payment for labor

The name for a person who starts a business