Economics - Unit 3 Terms

Anything that serves as a medium of exchange, a unit of account and a store of value

A legal entity owned by individual stockholders each of whom has limited liability for the firm’s debts.

An organization of workers that tried to improve working conditions, wages and benefits for its members

A business organization owned and operated by a group of individuals for their shared benefit

The combination of two or more firms competing in the same market with the same good or service

Someone who works in a professional job and earns a salary

A worker that requires specialized skills, training and education

Someone who performs manual labor, and who earns an hourly wage.

The ability to be used as or directly converted to cash.

A large corporation that produces and sells its goods and services in more than one country

An institution for receiving, keeping, and lending money

An institution that functions much like a business, but does not operate for the purpose of generating profit.

Work that requires minimal specialized skills and education

A paper currency issued during the Civil War

A type of partnership in which all partners share equally in both responsibility and liability

All nonmilitary people who are employed or unemployed

Work that requires advanced skills, education & training

Coins and paper bills used as money

When two or more firms involved in different stages of producing the same good or service

A business owned and managed by a single individual

The ownership structure of a company or firm

A business owned and managed by two or more people

Work that requires no specialized skills, education or training

A business combination merging more than three businesses that produce unrelated products or services

A type of partnership in which only one partner is required to be a general partner