Business owned by one person, who needs to obtain all of required permits, registrations, and licences, which are based on state and type of business.
Characteristics of Sole Proprietorship
100
market structure in which a few large sellers dominate the market and have the ability to affect prices in the industry; form of imperfect competition
Oligopoly
100
economic and political system in which factors of production are collectively owned and directed by the state; based on a theoretically classless society in which everyone works for the common good
Communism
200
What are tools of Monetary Policy?
Discount rate, reserve requirements, bonds
200
Who was John Maynard Keynes?
British economist, who believed the government could lower unemployment by stimulating aggregate demand
200
Situation in which a firm legally ceases to exist when an owner dies or quits, or a new owner is added; applies to sole proprietorships and partnerships
What is Limited Life?
200
market structure characterized by a single producer; form of imperfect competition
Monopoly
200
economic system that has some combination of traditional, command, and market economies
Ease of raising financial capital, provides limited liability for owners, hired professional managers run firm, unlimited life, and ease of transferring ownership.
Advantages of Corporations
300
market structure having all conditions of pure competition except for identical products; a form of imperfect competition
Monopolistic Competition
400
What are functions of money?
Medium of exchange, measure of value, store of value
400
What is goal of Fiscal Policy?
Attempt to stabilize the economy directly
400
May be responsible for another partner(s), limited partner may lose everything, limited life, and conflicts between partners.
Disadvantages of Partnership
400
a theoretical market structure that requires three major conditions: very large numbers of buyers and sellers, identical products, and freedom of entry and exit
Pure Competition
400
economic system in which government owns some factors of production and has a role in determining what and how goods are produced
Socialism
500
What does Federal Open Market Committee (FOMC) do?
Controls Monetary Policies
500
Which tax can only be issued by the local government?
Property Taxes
500
Identify two ways that corporations raise money.
Stocks and Charter?
500
market structure in which average costs of production are lowest when all output is produced by a single firm
Natural monopoly
500
an economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention