Economies
What is the purpose of an economy?
It determines how citizens meets their wants and needs.
What type of business has more than one owner who share the costs, ideas, and profits of the business?
partnership
The factor of production which is the ability of a person to run his/her business to the best of their abilities?
entrepreneur
What is the term of given to an economic rule that states buyers will demand more products when they can buy them at lower prices and fewer products when they must buy them at higher prices?
What is the title given to an individual who runs the day-to-day operations of a corporation?
chief executive officer
Which type of economy does the government make all economic decisions?
command economy
Which type of business organization is considered a legal entity by the government?
corporation
The factor of production that is influenced by the concept of scarcity?
natural resources
What is the name given to a company that controls all production of a good or service?
monopoly
Which NFL team is owned by stockholders?
Green Bay Packers
Which type of economy uses the past as way of exchanging goods and services?
traditional economy
What type of business organization is owned by one person?
sole proprietorship
The factor of production in which productivity is part of the equation?
labor
What are profits paid to stockholders?
dividends
Give an example of a non-profit organization.
vary
Which type of economy does private individuals make the economic decisions?
market economy
Which type of business organization does not earn a profit, but often is a charity?
nonprofit organization
The factor of production in which machines are important?
capital
Who is a person who owns part of a corporation?
stockholder
What is the term given to multiple businesses who join together to form one big corporation?
conglomerate
Why does the United States have what is considered a mixed economy?
It is a mixture between a market economy and a command economy.
What are some disadvantages of a sole proprietorship?
1. loss of personal belongings if business fails
2. no one to help share costs
3. no one to help invest capital
Which factor of production would include oil and gasoline?
natural resources
What is the name given to the economic rule that states that businesses will provide more products when they can sell them at higher prices and fewer products when they must sell them at lower prices?
law of supply
Which corporation owns Kentucky Fried Chicken and Pizza Hut?
Pepsi Corporation