Econ Exam Sem 2

established rate of pay for a specific job or work performed.​

group of firms combined in order to reduce competition in an industry.​

group that acts together to set prices and limit output.​

payments received in return for work.

combining of companies involved in different steps of producing or marketing a product.​

joining of two firms to form a single firm

share of ownership in a corporation

system that backs the basic monetary unit with a set amount of gold

people age 16 or older who are employed or actively looking for and available to do work.​

part of a corporation’s profit that is paid out to stockholders.​

anything that people will accept in exchange for goods and services

electronic device that allows bank customers to make transactions

business owned by stockholders, who own rights to company profits but face limited liability

occurs when stock market prices rise steadily over time.​

business operated for the shared benefit of the owners, who also are its customers.​

market structure in which only a few sellers offer a similar product.​

checking accounts

the way businesses and unions negotiate wages and working conditions.

business that aims to benefit society, not to make a profit.​

work stoppage used to convince an employer to meet union demands

banks chartered by the national government

occurs when stock market prices decline steadily over time.​

gives an inventor exclusive property rights for invention -process for a number of years.​​

someone who sells their services on a contract basis.​

when there is only one seller of a product that has no close substitutes

organization of workers that seeks to improve wages, working conditions, benefits, job security

bank charted by state government

practice of foreign companies establishing and bringing jobs to the United States.​

contracting with an outside company, often in a foreign country, to provide goods or services

a large corporation with branches in several countries

laws make it illegal to require workers to join unions

performing office work in a location other than the traditional office

business where an employer can hire only union members.​

knowledge and skills that enable workers to be productive.​

business that licenses the right to sell its products in a particular area.​.​

saving accounts and time deposits converted into cash

paper money and coins

combining of two or more companies that produce the same product or similar products.​

business where workers are required to join a union

business co-owned by partners who agree on responsibilities, profits, and losses are divided.​

a business organization owned and controlled by one person.​

the exchange of goods and services without using money