Civics Chapter 14- Principles of Our Market Economy

Producers pay this in exchange for the use of land

The circular flow of economic activity can be described as

The name for a person who starts a business

nickname of non-union workers

The law of demand says

The price at which buyers and sellers agree to trade

How is price determined in a free-enterprise economy?

A business owned by an individual

Most common type of business in U.S.

Two or more people sharing ownership of a business

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

contracts in which workers promise not to join a union

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

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

Producers, or suppliers, need all of the following except

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

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

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

There can be other influences on demand besides price

A refusal to buy products or services

The law of supply says

Payment for labor

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 2 basic sides in a market economy

Owners of a corporation

Likely the most common motive for starting a business

Payment for the use of capital

Often considered the 4th factor of production

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