Types of economy
Types of Economy 2
Other
Types of Business
Key Terms
100
This type of economy is typically in a rural area
What is a traditional economy
100
This is an example of a traditional economy
What is an Omish community
100
True or false: North Korea is a communist country
What is True
100
This type of business has 1 owner
What is Sole Proprietorship
100
What term means taxed twice
What is double taxation
200
This type of economy has the government make most of the economic decisions
What is a command economy
200
This is the only type of business that has unlimited liability.
What is Sole Propreitorship
200
This is the show that I showed you representing limited partnerships
What is Shark Tank
200
This is the only type of business that can sell stock
What is a corporation
200
In a loan this represents the amount owed
What is Principal
300
In this economy the people make all the economic decisions
What is market economy
300
True or False: You have a lot of choices of what you want to buy in a Comand Economy
What is False
300
If you took out a loan for $1000 at 5% interest for 5 years, what would be your principal...
What is 1000
300
A company needs this from the government to be a corporation
What is a charter
300
This represents how much you pay for taking out a loan
What is interest
400
What is an example of a command economy
What is North Korea, Cuba, China
400
This is the most common and profitable type of business in the US
What is Sole Propreitorship
400
DAILY DOUBLE!!! Name 4 economic goals of the US
What is Economic efficeincy, freedom, equity, security, full employment, price stability, economic growth
400
This partnership involves an investor that does not take part in the day to day activities
What is limited partnership
400
This causes people to try and better there standard of living and make more money
What is Profit Motive
500
The opposite of capitalism is
What is communism
500
This is money you receive and stays the same even if inflation occurs
What is fixed income
500
What are 3 of the 5 characteristics of capitalism
What is economic freedom, voluntary exchange, private property, profit motive, and competition
500
Which type of stock does the stockholder have decision making power in the business
What is common stock
500
A partnership has how many people that run the company.
What is 2 OR MORE
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