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Circular Flow of the Economy
market in which firms purchase the factors of production from households
a market in which products are sold by firms and bought by households
negotiation to resolve differences conducted by some impartial party
settling a dispute by agreeing to accept the decision of an impartial outsider
an organization of workers that tries to improve working conditions, wages, and benefits for its members
business owned by one person
a business owned by stockholders who share in its profits but are not personally responsible for its debts
The owner is personally and fully responsible for all losses and debts of the business
A form of business ownership in which the owners are liable only up to the amount of their individual investments.
fund that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets
a steady rise in the stock market over a period of time
A steady drop in the stock market over a period of time
control of a product or service by one company
a market structure in which a few large firms dominate a market
a market structure in which a large number of firms all produce the same product
a business in which two or more persons combine their assets and skills
Right to Work Laws
state laws forbidding unions from forcing workers to join and pay union dues
Process by which a union representing a group of workers negotiates with management for a contract
the combination of two or more commercial companies
a group of diverse companies under common ownership and run as a single organization