| A | B |
|---|
| COMPETITION | A SITUATION IN WHICH PRODUCERS OR SELLERS OF SIMILAR GOODS OR SERVICES EACH TRY TO GET CONSUMERS TO BUY THEIR PRODUCTS |
| MONOPOLY | A BUSINESS THAT HAS NO COMPETITION: IT PRODUCES A UNIQUE PRODUCT OR SERVICE |
| PERFECT COMPETITION | A SITUATION IN WHICH THERE ARE A LARGE NUMBER OF BUYERS AND SELLERS FOR THE SAME PRODUCT; SUPPLY AND DEMAND DETERMINE PRICE |
| UTILITY COMPANIES | BUSINESSES THAT PROVIDE VITAL SERVICES SUCH AS ELECTRICITY, NATURAL GAS, AND WATER;THEY ARE OFTEN GOVERNMENT-REGULATED MONOPOLIES |
| WARRANTIES | WRITTEN GUARANTEES THAT PRODUCTS OR SERVICES DO WHAT THEY ARE SUPPOSED TO DO. |
| CHAPTER 9 | CHAPTER 9 |
| AUTOMATION | THE USE OF MACHINERY, OFTEN COMPUTERIZED, IN PLACE OF HUMAN LABOR |
| LABOR FORCE | THOSE 16 YEARS OLD OR OLDER WHO ARE EITHER EMPLOYED OR LOOKING FOR WORK |
| MINIMUM WAGE | THE LOWEST HOURLY AMOUNT OF MONEY THAT A BUSINESS CAN LEGALLY PAY ITS WORKERS |
| ROBOTS | ELECTRONIC MACHINES THAT ARE PROGRAMMED TO DO TASKS ON AN ASSEMBLY LINE |
| WAGES | THE PRICE THAT BUSINESSES PAY WORKERS IN EXCHANGE FOR LABOR |
