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WorksheetsChapter 17: Basics of our Economy
Total questions: 30
Worksheet time: 15mins
To refuse to buy a certain company's or country's products.
strike
boycott
demand
labor unions
A type of business in which two or more people share ownership
partnership
sole proprietor
corporation
entrepreneur
The amount of a product that producers are willing and able to offer at different prices
boycott
demand
market price
supply
A business that is separate from the people who own it and legally acts as a single person
sole proprietor
partnership
entrepeneur
corporation
Payment for the use of capital
Labor unions
demand
interest
sole proprietorship
The process by which representatives of the unions and business try to reach agreement about wages and working conditions.
collective barganing
corperation
strike
labor unions
The amount of a product or service buyers are willing and able to buy at different prices.
supply
demand
interest
market price
When workers refuse to work unless employers meet certain demands.
demand
collective bargaining
boycott
strike
Organizations of workers that seek to improve wages and working working conditions and and to protect members' rights
corpotations
collectoive barganing
partnership
labor unions
A person who starts a buisness
partnership
entrepeneur
sole proprietor
boycott
The price at which buyers and sellers agree to trade
supply
demand
interest
market price
A business owned by an individual
entrepeneur
sole proprietorship
corporation
partnership
Which of the following, along with price, affects the demand for products
popularity of brands
advertising
styles of fashion
all of the above
An advantage of a sole proprietorship is that the owner
raises all money to expand
keeps all profits
is responsible for all debts
all of the above
Wage laborers in the 1800's suffred becasue of
boring, dangerous jobs
low wages
long workdays
all of the above
What set the stage for the modern labor movement?
making labor day a holiday
Taft-Hartley Act
Wagner Act and start of the CIO
Start of the Department of Labor
Which is not an example of how businesses are owned in our economy?
Stock Market
Corporations
Partnerships
Sole Proprietorship
Producers made more shirts to sell at $60 than they did at $40. This shows
The market price
the law of supply
monetary flow
the law of demend
In a circular flow of economic activity, producers need the following three resources to create goods.
tools, interest, wants
labor, land, capital
rent, buildings, money
technology, workers, money
Which payment do businesses exchange for factors of production?
interest
rent
wages and salaries
all of the above
What was the primary cause of the rise of labor unions?
more people turned to wage labor to make a living
new farm machienary meant farms needed fewer workers
workers had little power over wages and working conditions
many workers had to take any work, at any wage.
Which was not a weapon used by unions and employers in the early days?
yellow dog contracts
slowdowns
collective barganing
strikebreakers
Entrepreneurs are motivated to start businesses in order to
earn a profit
raise capital
compete with large corporations
provide labor themselves
Our free market economy depends on a circular flow of
goods and services
labor
money
all of the above
the law of demand says that when product prices are
high, more people will buy
high, producers make more money
low, more people will buy
low, more products are made
What payments do producers pay for use of capital?
market price
interest
rent
wages
Corporations sell stock in order to
share responsibility for deby
invest in the economy
raise large amounts of money
avoid government regulations
Larger corporations have grown in importance because they
produce goods and services more efficiently
can employ more people than other businesses
are nearly self-sufficient
have better manufacturing methods
Which is NOT an example of a service-oriented buisiness?
bank
automobile manufacturer
insurance company
movie theater
Why is labor different from other factors of production?
workers care about wages and working conditions
people rarely meet all their economic needs
production decisions are based on what people may want
people with resources make the first economic decisions
