extras for 20-22

  1. partnership
    a business owned by 2 or more people
  2. corporation
    type of business organization owned by many people but treated by law as though it were a person
  3. labor union
    an association of workers organized to improve wages and working conditions
  4. collective bargaining
    the process by which unions and employers negotiate the conditions of employment
  5. 2 types of labor unions
    • trade union
    • industrial union
  6. 3 things that count toward the demand curve
    • WANT
  7. 4 responsibilities of businesses
    • to consumers
    • to owners
    • to employees
    • to community
  8. 3 forms of businesses
    • proprietorships
    • partnerships
    • corporations
  9. sole proprietorship
    a business owed and operated by a single person
  10. elastic
    • change in price causes a change in the quantity demanded for a product
    • has an alternative substitute
    • phones, brands of clothing, flavor of food
  11. Image Upload 2ine
    inelastic (picture)
  12. inelastic
    • price changes have little effect on the quantity demanded
    • demand for goods with few or no substitutes
    • gas, milk, water
  13. Image Upload 4
    elastic (picture)
Card Set
extras for 20-22