ECONOMICS UNIT 3&4

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Author:
raragon972
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169166
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ECONOMICS UNIT 3&4
Updated:
2012-09-05 21:40:20
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ECONOMICS UNIT
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CHAPTER REVIEW
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  1. LIMITED LIFE
    THE STATUS OF A BUSINESS THAT IT IS  LEGALLY ENDED WHEN ONE OR MORE OF THE OWNERS DIE OR WITHDRAWS FROM THE BUSINESS
  2. COLLECTIVE BARGANING
    THE NEGOTIATION BETWEEN UNION & MANAGEMENT REPRESENTATIVES OVER SALARIES, BENEFITS AND WORKING CONDITIONS.
  3. MEDIATION
    THE USE OF A THIRD PARTY TO HELP SETTLE A DISPUTE
  4. UNION
    AN AGREEMENT BETWEEN A LABOR UNION & AN EMPLOYER CONCERNING WAGES, HOURS, CONDITIONS OF WORK AND BENEFITS THAT THE EMPLOYEES ARE ENTITTLED TO.
  5. TAKE HOME PAY
    THE AMOUNT ONE RECEIVES AFTER ALL DEDUCTIONS ARE TAKEN FROM ONE'S PAYCHECK.
  6. PROFITS
    MONEY EARNED FROM THE OPERATION OF A BUSINESS AFTER EXPENSES HAVE BEEN PAID.
  7. UNLIMITED LIABILITY
    THE STATUS OF A BUSINESS PERSON WHO IS PERSONALLY RESPONSIBLE FOR ALL DEBTS INCURRED BY HER OR HIS BUSINESS.
  8. GROSS PAY
    THE AMOUNT A WORKER RECEIVES BEFORE DEDUCTIONS ARE TAKEN OUT.
  9. CAPITAL
    THE MACHINES, TOOLS, AND BUILDINGS USED IN THE PRODUCTION OF GOODS & SERVICES; MONEY.
  10. REFERENCES
     IS A RELATION BETWEEN OBJECTS IN WHICH ONW OBJECT DESIGNATES, OR ACTS AS A MEANS BY WHICH TO CONNECT TO OR LINK TO, ANOTHER OBJECT.
  11. MONOPOLY
    A SITUATION IN WHICH THERE IS ONLY ONE PRODUCER OR SELLER OF A GOOD OR SERVICE.
  12. MASS PRODUCTION
    THE MANUFACTURE OF LARGE QUANTITIES OF IDENTICAL PRODUCTS USING INTERCHANGEABLE PARTS, ASSEMBLY LINES, SPECIALIZATION OF LABOR AND MACHINES.
  13. CAREER
    ONE'S AREA OF WORK OVER A LONG TIME
  14. INJUNCTION
    A COURT ORDER NOT TO DO SOMETHING
  15. ARBITRATION
    THE USE OF A THIRD PARTY, CALLED AN ARBITRATOR, TO MAKE A DECISION THAT IS BINDING ON BOTH PARTIES IN A DISPUTE.
  16. WAGNER ACT
    THIS ACT GIVES WORKERS THE RIGHT TO FORM OR JOIN ANY UNION OF THEIR OWN CHOICE, AND THE RIGHT TO STIKE.
  17. PROPRIETORSHIP
    THE OWNER OF A BUSINESS
  18. CORPORATION
    A BUSINESS CHARTERED BY A STATE OR THE FEDERAL GOVERNMENT AS A LEGAL INDIVIDUAL AND IS OWNED BY ITS STOCKHOLDERS.
  19. LOCKOUT
    A TACTIC OF MANAGEMENT IN A LABOR DISPUTE THAT PREVENTS STRIKING WORKERS FROM ENTERING THE COMPANYS PROPERTY.
  20. BEAR
    AN INVESTOR WHO BELIEVES THAT STOCK PRICES WILL DECLINE.
  21. BULL
    AN INVESTOR WHO BELIEVES THAT THE PRICES OF STOCKS WILL INCREASE.

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