| A | B |
|---|
| sole proprietership | business that is owned by one individual - most common form of business in the US. |
| partnership | Business that is owned by two or more people trying to pool their resources. |
| corporation | Business tha is owned by a great number of stockholders who share in profits yet only risk what they invested. |
| stock/share | Piece of ownership in a corporation. |
| dividend | Piece of the profits from a corporation. |
| limited liability | Economic idea that a person only risks the amout they have invested in a corporation. |
| business cycle | Ups and downs of the economy. |
| Gross Domestic Product (GDP) | Value of all goods and services produced IN the nation each year. |
| Gross National Product | Value of all the goods and services produced by all a nation's citizens inside OR outside a country. |
| inflation | general rise in the value of goods and services - causes value of money to decrease. |
| Consumer Price Index (CPI) | Survey of prices of many goods and services compared over time to measure inflation. |
| fiscal policy | How the government taxes and spends its revenue. |
| monetary policy | How the government regulates the amount of money in circulation. |
| Tight Money policy | Policy of allowing less money to be created in an economy - usually through higher interest rates. |
| Easy Money policy | Policy of allowing more money to be created within an economy - usually through lower interest rates. |
| monopoly | Business that controls most or all the supply of a particular good or service. |
| merger | Two or more businesses becoming one larger business. |
| trust | Two or more businesses that act as if they are one business and do not compete against one another. |
| deregulation | Relaxation of rules governing a type of business. |
| labor unions | Group of workers who join together in order to gain better conditions. |
| collective bargaining | Process where workers join together and make demands as a larger group. |
| blacklist | Owner tactic where they fire troublesome workers and try to keep them from future employment. |
| Right to Work Laws | Laws in many states which allow workers to choose whether to join the union or not - usually weakens the power of unions. |
| mediation | Process where two groups within a dispute try to use a third party to give a SUGGESTED solution to their problem. |
| arbitration | process where two groups within a dispute go to a third party who is given LEGAL BINDING AUTHORITY to decide an issue. |
