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Economics

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Michelle Littel

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Cards in this guide (21)
What is collective bargaining

a process in which union and company representatives meet to negotiate a new labor contract

What happens in collective bargaining?

representatives of unions and companies negotiate new labor contracts

What is intrapreneur

a person who come up with new iseas and innovation within a firm is called intrapreneur

Who decides what goods and services will be produced in a market economy

In a market economy people selling goods and services decide what goods and services will be produced.

Division of labor results in

The division of labor generally leads to specialization in any production line. Furthermore, division of labor increases the efficiency of production and makes the process faster.

What statement best reflects the political philosophy of convervatism

"Growing old in your childhood home" is a statement that reflects the political philosophy of conservatism.

Which invention revolutionized cotton production

The cotton gin.

Which president formally changed the US dollar to a fiat currency

This occurred when Lyndon Johnson was president. John Kennedy took preliminary steps.

Which term refers to the manner in which shareholders control a corporation

corporate governance

What is the term used to describe a market that is dominated by a single corporation or entity

Monopoly

How is the Medicaid program controlled

jointly by the federal and state government

According to Karl Marx what gives an item its value

The law of value (German: Wertgesetz) is a central concept in Karl Marx's critique The labour has to materialize itself in some kind of object which has value.

In a sole proprietorship which individual must assume all liability

the business

Which amendment to the U.S constitution contains the due process and equal protection clauses

14th

Which task do volunteers for a political campaign usually do

coordinate fund-raisers

Which activity is an example of the involvement of the Supreme Court in implementing the American with Disabilities Act

Narrowing the definition of "disability," leading to fewer people being eligible for protections under the act

What statement reflects a citizens need to increase his or her civic participation

"My senator's votes don't reflect my views."

Which of these was the first union with characteristics as we know them today

American Federation of Labor A+

companies create a division of labor among employees in order to what

voluntary associations

societies make decisions about how to produce certain goods by

considering whether companies or the government should make the goods.

the machinery and tools used to create a product are part of which factor of production

capital

What is a major similarity between economic wants and economic needs

People try to fulfill both with limited resources.

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