WorksheetsBusiness/Labor Organization
Total questions: 35
Worksheet time: 12mins
business organization
the potential loss of something of value
a firm created to produce, market, and/or sell a good or service
the person who decides how to combine land, labor, and capital to make new goods and services
company owned and managed by a single individual
entrepreneur
a firm created to produce, market, and/or sell a good or service
financial responsibility to pay for damages when people make mistakes
company that is owned by stockholders, who each have limited liability
the person who decides how to combine land, labor, and capital to make new goods and services
risk
the potential loss of something of value
financial responsibility to pay for damages when people make mistakes
company owned and managed by a single individual
company that is owned by stockholders, who each have limited liability
risk management
how likely someone is to embrace risk
company owned and managed by a single individual
identifying features that distinguish one company or product as different than others
financial responsibility to pay for damages when people make mistakes
liability
the potential loss of something of value
company owned and managed by a single individual
financial responsibility to pay for damages when people make mistakes
percentage of the market who buy their product
sole proprietorship
company owned by two or more people
corporation which allows people to own and operate a branch of their company
company that is owned by stockholders, who each have limited liability
company owned and managed by a single individual
partnership
company that is owned by stockholders, who each have limited liability
corporation which allows people to own and operate a branch of their company
company owned by two or more people
company owned and managed by a single individual
corporation
company that is a separate entity, often owned by stockholders, who each have limited liability
company owned by two or more people
company owned and managed by a single individual
a market dominated by a single seller
franchise
a market structure in which a large number of firms all produce the same product
the potential loss of something of value
corporation which allows people to own and operate a branch of their company
a market dominated by a single seller
conglomerate
identifying features that distinguish one company or product as different than others
a market structure in which a large number of firms all produce the same product
the potential loss of something of value
a large corporation which owns many smaller companies, often across multiple industries
perfect competition
a market structure in which a large number of firms all produce the same product
a market dominated by a single seller
one firm that blocks other firms from entering the market
market dominated by a few powerful sellers
monopoly
a market structure in which a large number of firms all produce the same product
financial responsibility to pay for damages when people make mistakes
the person who decides how to combine land, labor, and capital to make new goods and services
a market dominated by a single seller
trust
one firm that blocks other firms from entering the market
percentage of the market who buy their product
company owned by two or more people
a large corporation which owns many smaller companies, often across multiple industries
oligopoly, aka monopolistic competition
organization of firms that agree to control production and prices
market dominated by a few powerful sellers
a business strategy that seeks to control more market share
identifying features that distinguish one company or product as different than others
brand
one firm that blocks other firms from entering the market
company owned by two or more people
a market structure in which a large number of firms all produce the same product
identifying features that distinguish one company or product as different than others
market share
identifying features that distinguish one company or product as different than others
a person who performs manual labor
company that is owned by stockholders, who each have limited liability
percentage of the market who buy their product
cartel
percentage of the market who buy their product
identifying features that distinguish one company or product as different than others
company owned and managed by a single individual
organization of firms that agree to control production and prices
horizontal integration
a business strategy that seeks to control more market share
company owned by two or more people
percentage of the market who buy their product
organization of firms that agree to control production and prices
vertical integration
market dominated by a few powerful sellers
financial responsibility to pay for damages when people make mistakes
a business strategy that seeks to control more market share
controlling all aspects of a business, from the means of production to distribution
blue collar worker
the person who decides how to combine land, labor, and capital to make new goods and services
person whose work requires professional training and knowledge
a person who performs manual labor
jobs that have been traditionally held by women
wages
organization of firms that agree to control production and prices
controlling all aspects of a business, from the means of production to distribution
hourly monetary compensation
periodic monetary compensation
white collar worker
jobs that have been traditionally held by women
person whose work requires professional training and knowledge
the person who decides how to combine land, labor, and capital to make new goods and services
a person who performs manual labor
salary
hourly monetary compensation
refusal to work until demands are met
all union members agree to a labor contract
periodic monetary compensation
pink collar labor
person whose work requires professional training and knowledge
jobs that have been traditionally held by women
a person who performs manual labor
the person who decides how to combine land, labor, and capital to make new goods and services
equilibrium wage
non-monetary incentives to attract talented workers
hourly monetary compensation
identifying features that distinguish one company or product as different than others
the point where there is a balance between supply and demand for workers
minimum wage
when the government decides the lowest amount a person can legally be paid
the point where there is a balance between supply and demand for workers
identifying features that distinguish one company or product as different than others
non-monetary incentives to attract talented workers
benefits
when the government decides the lowest amount a person can legally be paid
hourly monetary compensation
periodic monetary compensation
non-monetary incentives to attract talented workers
law of diminishing marginal returns
non-monetary incentives to attract talented workers
controlling all aspects of a business, from the means of production to distribution
refusal to work until demands are met
firms should continue to hire workers until their production level no longer exceeds their wage
labor unions
non-monetary incentives to attract talented workers
all union members agree to a labor contract
refusal to work until demands are met
organization of workers that tries to improve working conditions, wages, and benefits for its members
collective bargaining
all union members agree to a labor contract
payment of money to fund union activities
non-monetary incentives to attract talented workers
refusal to work until demands are met
strike
all union members agree to a labor contract
non-monetary incentives to attract talented workers
payment of money to fund union activities
refusal to work until demands are met
open shop
business organization that has no need to join the labor union or pay dues
business organization with no need to join the union, but you still have to pay dues
business organization where membership in the union is required, as is payment of dues
all union members agree to a labor contract
dues
refusal to work until demands are met
non-monetary incentives to attract talented workers
payment of money to fund union activities
all union members agree to a labor contract
agency shop
business organization with no need to join the union, but you still have to pay dues
business organization where membership in the union is required, as is payment of dues
business organization that has no need to join the labor union or pay dues
non-monetary incentives to attract talented workers
closed shop
business organization where membership in the union is required, as is payment of dues
business organization with no need to join the union, but you still have to pay dues
organization of workers that tries to improve working conditions, wages, and benefits for its members
business organization that has no need to join the labor union or pay dues
