| A | B |
|---|
| Law of Supply | The greater the profit, the more poducts or services a producer will supply |
| Law of Demand | The higher the price the more consumers will by and vis versa |
| Equilibrium | The point in which the supplier / producer makes money and the consumer is willing to buy the product or service |
| Mercantalism | Derived from Colonial Days. Raw materials were produced in the colonies and sent to the UK for production. Finished goods were then sold back to colonies at higher prices. |
| Unions | Groups of workers who join together to protect their common interests |
| Creative Innovation | When something that does not exits is imagined and then produced |
| Tariffs | Taxes the government puts on imports and exports |
| Captive Market | A country of consumers who are resticted to buying products within that community |
| Entrepreneurs | People who manage a business or industry with the intent of making money, but at a risk of loosing a great deal. |
| Collective Bargaining | A procedure used in labour relations where the employer talks with an employee representative, usually a labour union, about working conditions and other concerns. |
| Binding Arbitration | When a decision is imposed or agreed to by both employers and employees |
| Merger | The act of joining 2 or more organizations |
| Blue Collar Workers | People who work at manual or industrial labour |
| White Collar Workers | People who are typically mangers and work using their minds |
| Closed Shop | A company that only hires union members |
| Anti-trust Legislation | Laws in the US that are designed to prevent monopolies |
| Monopoly | When there exists only one seller or a product or service. A lack of competition |
| Competition | When there exists more than one producer forcing companies to produce better quality products, with more variety at a cheaper price. |
| Urbanization | The movement from the rural areas to the city |
| Cottage Industry | Also known as a traditional economy. Pre-Industrial Revolution when products were made by craftspeople at home. |
| GDP | Gross Domestic Product. The measure of the total value of goods and services produced in a country. An economic indicator of a country's growth, its past performance and its future prospects |
| Inflation | The constant increase in the price of products and services |
| Interest Rates | The cost of borrowing money |
| Debt | Money that is owed |
| Deficit | A result of spending more money than is being made. Can lead to debt if not checked |
| Corporation | Most common form or vehicle of private enterprise |
| 3 Forms of Union Activity | Political, economic, cooperative |
