Proprietorship- a buiseness that is owned by only one person
Corporation- an aggregate of people that acts as a single unit, with a single voice.
ie. The Romans
Aggregate- a mass of seperate things/people joined together/associated
Equity- the amount of mony left over after a buiseness pays all that it owes
Laissez-Faire Economics- The economic philosophy which states that government should not intervene with buiseness in a market economy
Boom and Bust Cycle- the buiseness cycle in a market economy which relates to to periods of economic recession or depression
Consumerism- economic policies or practices that place an emphasis on consumption
Sunday, October 14, 2007
Labour and Management of Economy
Collective Bargaining- a procedure used in labour relations that involves employers bargaining with an employee representative, usually from a labour union, about working conditions or other concerns.
Binding Arbitration- a process under collective bargaining where a third party has to resolve a dispute and impose a decision on both arguing parties.
Closed Shops- Buisenesses that hire only union members. Once hired by a closed shop a person is expected to join the union.
Suffragette Group- A group of women who lobbied for the right to vote.
Humanitarianism- A beief that humans are oblidged wholy to the welfare of the human race.
Blue Collar Workers- People who work at manuel/industrial labour.
White Collar Workers- Occupations held by clerks, proffessionals, or buiseness people.
Mediation- To act as a go-between for two or more opposing parties.
Binding Arbitration- a process under collective bargaining where a third party has to resolve a dispute and impose a decision on both arguing parties.
Closed Shops- Buisenesses that hire only union members. Once hired by a closed shop a person is expected to join the union.
Suffragette Group- A group of women who lobbied for the right to vote.
Humanitarianism- A beief that humans are oblidged wholy to the welfare of the human race.
Blue Collar Workers- People who work at manuel/industrial labour.
White Collar Workers- Occupations held by clerks, proffessionals, or buiseness people.
Mediation- To act as a go-between for two or more opposing parties.
Monday, October 1, 2007
American Market Economy
Goods- Things that people want to buy.
Capital- The money needed to purchase goods.
Scarcity- The fact that there is a limited supplyof resources (money/goods)
-Drives every economy in history
Market Economy- An economic system based on internal free trade.
Command Economy- An economic system in which the government controls most of the decision making.
Mixed Economy- An economic system with a mixture of governmental and private control.
ie. Canada
Alienation- An emotional state experienced by people (workers) who feel seperated from the world in which they live and work.
Law of supply and Demand- An Unwritten law that drives economies. Demand decreases as prices rise. The point on a graph where supply and demand intersect creates the ideal market price for an item. (drives economy)
Equilibrium- Occurs in a competitive market when all market prices are determined by the intersection of supply and demand. (creates balance)
Monolopy- A market that is dominated by a single seller.
ie. microsoft, rockefeller
Antitrust Laws- Laws that the American government uses to break up any large buiseness group that may be acting as a monopoly to supress competition.
Capital- The money needed to purchase goods.
Scarcity- The fact that there is a limited supplyof resources (money/goods)
-Drives every economy in history
Market Economy- An economic system based on internal free trade.
Command Economy- An economic system in which the government controls most of the decision making.
Mixed Economy- An economic system with a mixture of governmental and private control.
ie. Canada
Alienation- An emotional state experienced by people (workers) who feel seperated from the world in which they live and work.
Law of supply and Demand- An Unwritten law that drives economies. Demand decreases as prices rise. The point on a graph where supply and demand intersect creates the ideal market price for an item. (drives economy)
Equilibrium- Occurs in a competitive market when all market prices are determined by the intersection of supply and demand. (creates balance)
Monolopy- A market that is dominated by a single seller.
ie. microsoft, rockefeller
Antitrust Laws- Laws that the American government uses to break up any large buiseness group that may be acting as a monopoly to supress competition.
Important people to know for American Market Economy notes.
Karl Marix(German)- Created the begginings of the command economy in which society decides what is good for the people and makes decisions for them.
Adam Smith(Scottish)- Introduced the idea of a free market economy which was driven by peoples' own self interest. This was the system adopted by the USA.
Adam Smith(Scottish)- Introduced the idea of a free market economy which was driven by peoples' own self interest. This was the system adopted by the USA.
Subscribe to:
Posts (Atom)