Coachturk Exam Review (Meech)

worker's pay rate is set by supply of and demand for that worker's skills

negotiation between union and management reps

quantity supplied is greater than quantity demanded at a given price

a business' total income after expenses

using social networking to appeal to potential investors

Nonprofit service cooperation that accepts deposits, makes loans, and provides other financial services

organization that works for its member's interests concerning pay, working hours, health coverage,

federal program retirement benefit that covers most working people

temporary government takeover of a company

final burden of a tax

Most comprehensive measure of a nations wealth

a rise in the general prices

Quality of life

Fundamental problem facing all societies resulting limited resources and peoples virtually unlimited needs and wants

level of pay that creates neither a surplus nor a shortage of workers in the market

price where quantity supplied equals quantity demanded

non-institutionalized persons, aged 16 or over, either working or seeking employment

largest source of federal revenue

People make the WHAT, HOW, and FOR WHOM to produce decisions

combination of desire, ability, and willingness to buy a product

different amounts offered for sale at each possible price in the market

someone who organizes and manages land, capital, and labor to make a profit

prevent prices from reaching equilibrium

total amount borrowed from investors to finance the government's deficit spending

change in total income when one additional unit of output is added

funds that one level of government receives from another level of government

graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time

almost no requirements to start up owner makes all the decisions - owner keeps all the profits

monetary value of a product

driving force that encourages people to improve their material well being

Which of the following were the first types of unions formed in the United States?

quantity of output supplied that is exactly equal to the quantity demanded

conversion of state-owned factories and property to private ownership

when two companies that produce the same kind of product merge together

When a country’s total output increases over time

Manufactured good used to produce other goods or services

stage of output increases at a decreasing rate as more units of variable input (workers) are added

business conducted over the internet

quantity supplied is less than quantity demanded at a given price

Economic system characterized by a central authority which makes most of the major economic decisions

the lowest legal wage that can be paid to most workers

products that can be used in place of one another

products that encourage the use of another product