Economies
The United States is an example of a
a political and economic system where all property is collectively (not privately) owned
Communism
there is limited liability in this business organization
Corporation
If you grew up in a family of weavers, you are likely to be a weaver as well. This is an example of a...
Traditional Economy
an economic system where private citizens own all of the factors of production
Capitalism
there is unlimited liability in this business organization, as one person is liable for any wrongdoing
Sole Proprietorship
In a communist economy, the government generally becomes very involved in economic decisions. This is an example of a...
Command Economy
an organized way of providing for the wants and needs of the people
In this type of business organization, the owner gets to keep all profits
Sole Proprietorship
entrepreneurs are common in this economic system, as a lucrative profit is the incentive to produce
Market Economy
a mixed economic and political system in which the government owns and controls some, but not all, of the basic productive resources
Socialism
This business organization is easy to start up, but there is often a contract drawn up to determine responsibility for losses and property if the business ends
Partnership
Free market economy
In this type of business organization, a stockholder can own part of the company
Corporation