Economics Unit 1 Ch 2 Test Review Sheet

Tools, equipment, and factories used in the production of good and services; one of four factors of production

Income that does not increase even if prices go up

Rise in the general level of prices

Act of buyers and sellers freely and willingly engaging in market transactions; characteristics of capitalism and free enterprise

Federal program of disability and retirement benefits that covers most working people

Court-granted permission to an individual or business to cease or delay payment on some or all debts for a limited amount of time

Certificate of ownership in a corporation; common or preferred stock

Person who owns a share or shares of stock in a corporation; same as shareholders

Same as stockholder

Check paid to stockholders, usually quarterly, representing portion of corporate profits

Formal contract to repay borrowed money and interest on the borrowed money at regular future intervals

Amount borrowed when getting a loan or issuing a bond

Payment made for the use of borrowed money; usually paid at periodic intervals for long-term bonds or loans

Firm with four or more business making unrelated products, with no single business responsible for a majority of its sales

Corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries

Economic institution that operates like a business but does not seek financial gain; schools, churches, community service organizations

Nonprofit association performing some kind of economic activity for the benefit of its members

Nonprofit service cooperative that accepts deposits, makes loans, and provides other financial services

Organization that works for its members' interests concerning pay, working hours, health coverage, fringe bebefits, other job related matters

Process of negotiation between union and management representatives over pay, benefits, and job-related matters.

Business-sponsored nonprofit organization providing information on local companies to consumers

Company providing essential services such as water and electricity to consumers, usally subject to some government regulations