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Factor Market

market in which firms purchase the factors of production from households

Product Market

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

Labor Union

an organization of workers that tries to improve working conditions, wages, and benefits for its members

Sole Proprietorship

business owned by one person


a business owned by stockholders who share in its profits but are not personally responsible for its debts

Unlimited Liability

The owner is personally and fully responsible for all losses and debts of the business

Limited Liability

A form of business ownership in which the owners are liable only up to the amount of their individual investments.

Mutual Fund

fund that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets

Bull Market

a steady rise in the stock market over a period of time

Bear Market

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

Perfect Competition

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

Collective Bargaining

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

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