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Economics Unit 3 Flashcards | StudBud
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Economics Unit 3
Royalties
Sole proprietorship
Economics Unit 3
30 terms
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StudBud Administration
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1,696 plays
Business type, employment, labor unions
Flashcards
30 cards
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Questions
30
Answers
1
Sole proprietorship
A legal entity owned by individual stockholders
Retail outlet owned and operated by consumers
Temporary jobs or part-time jobs
A business owned and managed by a single individual
2
Royalties
A business owned and managed by a single individual
Share of earnings given as payment
The legally bound obligation to pay debts
Temporary jobs or part-time jobs
3
Strike
Try to improve working conditions, wages, and benefits
An organized work stoppage to achieve union demands
A settlement where a third party reviews and decide the case
Union and company reps meet to negotiate new labor contract
4
A mechanic would be considered which level of labor?
Semi-skilled
Unskilled
Professional
Skilled
5
Labor force
All nonmilitary people who are employed or unemployed
All adults
All people of working age
Anyone who worked in the last year
6
Equilibrium Wage
The median wage of all workers in an industry
Wage rate with no excess supply or demand for workers
The point where quantity supplied and demanded are equal
The average wage of all workers in an industry
7
Minimum wage workers are considered which level?
Skilled
Unskilled
Semi-skilled
Professional
8
Horizontal merger
Join multiple firms involved in different stages of a good
Join multiple firms involved in same stage of a good
Merging more than three businesses that make unrelated goods
Retail outlet owned and operated by consumers
9
Franchise
A business owned and managed by a single individual
A legal entity owned by individual stockholders
Retail outlet owned and operated by consumers
Temporary jobs or part-time jobs
10
Limited Liability Partnership (LLP)
Each partner shares liability equally
A business owned and managed by a single individual
Each is not liable for the action of other partners
Only one partner takes liability
11
Liability
Temporary jobs or part-time jobs
Retail outlet owned and operated by consumers
Share of earnings given as payment
The legally bound obligation to pay debts
12
Which of the following is an advantage of a sole proprietorship?
not highly regulated by the government
unlimited access to resources
limited personal liability
permanence of business
13
Which of the following level of job skill level would likely pay the highest average salary?
Skilled
Professional
Semi-skilled
Unskilled
14
Collective bargaining
Union and company reps meet to negotiate new labor contract
A settlement where a third party reviews and decide the case
An organized work stoppage to achieve union demands
Try to improve working conditions, wages, and benefits
15
Labor union
An organized work stoppage to achieve union demands
A settlement where a third party reviews and decide the case
Union and company reps meet to negotiate new labor contract
Try to improve working conditions, wages, and benefits
16
Vertical merger
Retail outlet owned and operated by consumers
Merging more than three businesses that make unrelated goods
Join multiple firms involved in same stage of a good
Join multiple firms involved in different stages of a good
17
Corporations
Temporary jobs or part-time jobs
Retail outlet owned and operated by consumers
A legal entity owned by individual stockholders
A business owned and managed by a single individual
18
Which is NOT a type of partnership?
cooperative
limited liability
general
limited
19
Nonprofit organization
Partners share equally in both responsibility and liability
A legal entity owned by individual stockholders
An organized work stoppage intended to address demands
Function much like a business, but operates for public good
20
Limited partnership
Business combination merging more than three businesses
A business owned and managed by a single individual
All nonmilitary people who are employed or unemployed
Only one partner is required to be a general partner
21
The theory that completing college shows employers a candidate is intelligent and hard working
Learning effect
Screening effect
Floss effect
Glass ceiling
22
Arbitration
Try to improve working conditions, wages, and benefits
Union and company reps meet to negotiate new labor contract
An organized work stoppage to achieve union demands
A settlement where a third party reviews and decide the case
23
A disadvantage of a franchise is that the franchise owner must
sacrifice freedom in return for the parent company guidance
compete with other franchises
guarantee product quality
send all profits to the parent company
24
The theory that education increases productivity and results in higher pay
Screening effect
Glass ceiling
Learning effect
Law of demand
25
A corporation can sell as many shares of stock as allowed by
Shareholders
Regulators
Investors
Corporate Charter
26
Conglomerate
Retail outlet owned and operated by consumers
Join multiple firms involved in different stages of a good
Merging more than three businesses that make unrelated goods
Join multiple firms involved in same stage of a good
27
This is the most common type of business
Conglomerate
Partnership
Corporation
Sole Proprietorship
28
Invisible barrier preventing women and minorities from advancing in business
Screening effect
Learning effect
Plastic wall
Glass ceiling
29
What type of business is owned by share holders
Corporation
Partnership
Conglomerate
Sole Proprietorship
30
General partnership
A business owned and managed by a single individual
Only one partner takes liability
The legally bound obligation to pay debts
Each partner shares liability equally
