Category 1
The U.S. economy is primarily a ____ ______ economy; but because there is some government involvement it is characterized as a _____ _______.
What is "free market" & "mixed economy"?
Governments use ___ _______ from households and businesses to provide public goods and services.
What is "tax revenue"?
A person who takes a risk to produce and sell goods and services in search of profit.
What is an "entrepreneur"?
______ is the amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.
What is "supply"?
_____________ increase competition by bringing new goods and services to market or by delivering products in innovative ways.
What are "Entrepreneurs"?
_____ is the amount of money exchanged for a good or service.
What is "price"?
Circular flow shows . . .
What is "how consumers (households), businesses (producers), and markets interact"?
Banks and credit unions are examples of. ..
What are "private financial institutions"?
The "Law of Supply" dictates that. . .
"Producers will produce more when they can sell at a high price and will produce less when they can sell at a low price."
The ________ ____ _______ is a way of visualizing and categorizing activity within an economy. Goods, services, and resources flow in one direction. Money flows in the opposite direction.
What is the "circular flow diagram"?
In a market economy ______ ___ ______ determine prices.
What is "supply and demand"?
______ _______ is defined as "Worldwide markets in which the buying and selling of goods and services by all nations takes place."
What is "Global economy"?
While money flows in another direction. . .
"Goods, services, and resources flow in one direction."
Another byproduct of the impact of technological innovation is. . .
What is "lowers the cost of production"?
One of the functions of a ______ _________ ____________ is to encourage saving and investing by paying interest on deposits.
What is a "Private financial institution"?
What is defined as, "Rivalry between producers and/or between sellers of a good or service usually results in better quality goods and services at lower prices."
What is "competition"?
Whom provides a structure to define and enforce property rights?
Who is the "government"?
_______ _________ ____________ include banks and credit unions, as well as receive deposits and make loans.
What are "Private financial institutions"?
A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners.
What is a "Corporation"?
A form of business organization with two or more owners who share the risks and the profits.
What is a "Partnership"?
___________ _____ is the point where supply and demand meet.
What is "equilibrium price"?
___________ __ _________ contribute to the global flow of information, capital, goods, and services.
What is "innovation in technology"?
A form of business organization with one owner who takes all the risks and all the profits.
"What is a "Sole Proprietorship"?
States and nations trade to. . .
What is "to obtain goods and services they cannot produce or cannot produce efficiently themselves, to buy goods and services at a lower cost or a lower opportunity cost, to sell goods and services to other countries, & to create jobs"?
The benefit of establishing your business as a corporation is _______ _________.
What is "limited liability"?