Civics Chapter 14- Principles of Our Market Economy

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

A business that is a separate legal entity from its owners

The law of supply says

nickname of non-union workers

The law of demand says

Producers pay this in exchange for the use of land

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

The name for a person who starts a business

How is price determined in a free-enterprise economy?

The 2 basic sides in a market economy

Often considered the 4th factor of production

The circular flow of economic activity can be described as

Owners of a corporation

A refusal to buy products or services

contracts in which workers promise not to join a union

There can be other influences on demand besides price

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

The price at which buyers and sellers agree to trade

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

Most common type of business in U.S.

Payment for labor

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

Two or more people sharing ownership of a business

Producers, or suppliers, need all of the following except

A business owned by an individual

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

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

Payment for the use of capital

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

Likely the most common motive for starting a business