| A | B |
|---|
| What are the Four Factors of Production? | land, labor, capital, entrepreneurship |
| The work done by humans is an example of which factor of production? | labor |
| Tools, machines, money and buildings are examples of which factor of production? | capital |
| Which factor of production is being used when an individual decides to start a business? | entrepreneurship |
| What word means “the additional cost of producing one more unit of a good or service”? | marginal cost |
| What method of mass production do factories use to increase productivity? | assembly lines |
| What is it called when production is divided into a set of specific tasks? | division of labor |
| What is it called when worker specializes in a single, specific task in the production process? | specialization |
| Which factors can increased the productivity of a business's workforce? | increased training and education |
| What type of workers earn the highest wages because of their high level of productivity? | skilled workers |
| What is the result of using innovation, technology, specialization, and division of labor? | mass production |
| What type of resources can a business invest in to help it lower its production costs? | human capital, capital goods, technology |
| What type of market only has one supplier of a product? | monopoly |
| What type of market is characterized by only a few suppliers who sell a nearly identical product? | oligopoly |
| What type of market has many different suppliers who produce an identical product that they have no ability to control the price of? | perfect competition |
| What is it called when two firms combine their business operations to form one company? | merger |
| What type of business has the disadvantage of having unlimited legal liability? | sole proprietorships and partnerships |
| What type of business is owned by its shareholders? | corporation |
| What type of organization helps workers to acquire higher wages, benefits, and better working conditions? | labor unions |
| What process do labor unions use to negotiate with the owners/management of a business? | collective bargaining |
| What is it called when labor union members refuse to work until its demands are met by the business management? | strike |
| What is it called when the business management refuses to let labor union members go to work until they accept they contract that they are offering? | lock-out |
| What rights does the National Labor Relations Act give workers? | right to form a union and use collective bargaining |
| What requires employers to pay at least $7.25/hr? | minimum wage laws |
| What is the standard work week set by the Fair Labor Standards Act? | 40-hour work week |
| What are outlawed by anti-trust laws? | monopolies and unfair competition |
| What was made illegal in the workplace by the Civil Rights Act (1964)? | racial, religious, or gender discrimination |
| Which policy gives minorities preferential treatment in jobs and education programs? | affirmative action |
| What type of market has many competitors who offer a variety of choices at similar prices? | monopolistic competition |
