Options for Youth - Economics Unit 3 Vocabulary
Terms in this set (72)
The extent to which competition prevails in particular markets.
Market situation in which there are numerous buyers and sellers, and no single buyer or seller can affect price.
Market situation in which a single supplier makes up an entire industry for a good or service with no close substitutes.
Barriers to Entry
Obstacles to competition that prevent others from entering a market.
Economies of Scale
Low production costs resulting from the large size of output.
Exclusive right to make, use, or sell an invention for a specified number of years.
Exclusive right to sell, publish, or reproduce creative works for a specified number of years.
Industry dominated by a few suppliers who exercise some control over price.
Manufacturers' use of minor differences in quality and features to try to differentiate between similar goods and services.
Arrangement among groups of industrial businesses to reduce international competition by controlling the price, production, and distribution of goods.
Market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over price.
A board of directors, the majority of whose members also serve as the board of directors of a competing corporation
Federal and state laws passed to prevent new monopolies form forming and to break up those that already exist.
The legal combination of two or more companies that become one corporation.
Large corporation made up of smaller corporations dealing in unrelated businesses
Reduction of government regulation and control over business activity.
Obtaining funds or money capital for business expansion.
A financial process in which a business estimates the cost of any action and compares it with the estimated benefits of that action.
Total income from sales of output.
The amount earned after a business subtracts its cost from its revenues.
Raising funds for a business through borrowing.
Funds borrowed by a business for any period of time less than a year.
Funds borrowed by a business for 1-10 years.
Funds borrowed by a business for a period of more than 10 years or funds raised by issuing stock.
Process of changing resources into goods that satisfy the needs and wants of individuals and businesses.
Goods produced for individuals and sold directly to the public to be used as they are.
Combined labor of people and machines.
Production system in which good being produced moves on a conveyor belt past workers who perform individual tasks in assembling it.
Division of Labor
The breaking down of a job into small tasks performed by different workers.
Production process in which machines do the work and people oversee them.
Sophisticated, computer-controlled, machinery that operates an assembly line.
All the activities needed to generate consumer demand and to move goods and services from the producer to the consumer.
The role of the consumer as ruler of the market when determining the types of goods and services produced.
The amount of satisfaction one gets from a good or service.
Gathering, recording, and analyzing data about the types of goods and services that people want.
Information gathered by researchers about possible users of a product based on such characteristics as age, gender, income, education, and geographic location.
Offering a product for sale in a small area for a limited period of time to see how well it sells before offering it nationally.
A practice in some industries in which the largest firm purchases its price list ahead of competitors, who then match those announced prices.
Selling a new product at a low price to attract customers away from an established product.
Use of advertising to inform consumers that a new or improved product or service is available and to persuade them to purchase it.
Type of promotion using a mailer that usually includes a letter describing the product or service and an order blank or application form.
Product Life Cycle
Series of stages that a product goes through from first introduction to complete withdrawal from the markets.
Channels of Distribution
Routes by which goods are moved from producers to consumers.
Businesses that produce large quantities of goods from producers for resale to other businesses.
Businesses that sell consumer goods directly to the public.
Business transaction conducted over the internet.
Civilian Labor Force
Total number of people 16 years old or older who are either employed or actively seeking work.
Category of workers employed in crafts, manufacturing, and non-farm labor.
Category of workers employed in offices, sales, or professional positions.
People who provide services directly to individuals.
People whose jobs require no specialized training.
People whose jobs require some training, often using modern technology.
People who have learned a trade or craft either through a vocational school or an apprentice to an experienced worker.
Highly educated individuals with college degrees and usually additional education.
Minimum Wage Law
Federal law that sets the lowest legal hourly wage rate that may be paid to certain types of workers.
Association of workers organized to improve wages and working conditions for its members.
Deliberate work stoppage by workers to force an employer to give in to their demands.
Union made up of skilled workers in a specific trade or industry.
Union made up of all the workers in an industry regardless of job or skill level.
Company in which only union members can be hired.
Members of a union in a particular factory, company, or geographic area.
Company that requires new employees to join a union after a specific period of time.
Companies in which employees are not required to join the union but must pay union dues.
State laws forbidding unions from forcing workers to join and pay union dues.
Process by which unions and employers negotiate the conditions of employment.
Cost-of-Living Adjustment (COLA)
Provision calling for wage increase each year if the general level of price rises.
A neutral person tries to get both sides to reach an agreement during negotiations.
Union and management submit the issues they cannot agree on to a third party for final decision.
Action of strikers who walk in front of a workplace carrying signs that state their disagreement with the company.
Economic pressure exerted by unions urging the public not to purchase the goods or services produced by a company.
Situation that occurs when management prevents workers from returning to work until they agree to a new contract.
Court order preventing some activity
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