Business Organizations
What is the term used that means a business legally ceases to exist when the owner quits, dies, or sells the business?
Limited Life
What ended the "Roaring Twenties"?
What is the political, social, and legal framework for the economic system in our country?
A change in related products is known as what?
Substitution
What is a medium of exchange?
Money
What type of partnership is it when at least one partner is not responsible for day to day running of the business?
Limited Partnership
The 2020s are most known for what?
COVID-19 Pandemic
What allows society to make decisions about its scarce resources?
Only a change in what can cause a change in quantity demand?
Price
What are the credit reporting bureaus?
Companies that keep track of your credit history
Corporations make up how much of the businesses in American?
One-fifth
What became the best way of spending in the 2020s?
Contactless payment and online retail
No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law is from which amendment?
The 14th Amendment
Expectations are known as what?
If a new/improved product is coming on the market soon consumers may put off buying the current version waiting for the newer version of the product
What are the three goals of the federal reserve?
Making sure the highest possible number of citizens have jobs
Keeping the price of goods and services stable
Making sure the cost of a loan is not too high or too low
Stockholders generally have how much say in how a business is run?
Little
Approximately how many banks in the 1920s were in the Federal Reserve System?
A third
Rules and regulations
Activities
Incentives
Values
What is the name for the amount of money a consumer has to spend?
Real income
Income depends on what?
A person's ability to produce goods or services
What is the most common form of business in the United States?
Sole Proprietorship
What were the impacts of both the 1920s and 2020s that affected the United States?
1920s - strong position during WWI
2020s - global economic impact of COVID-19 pandemic and supply chain disruptions
The Preamble states what?
"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the blessings of liberty to ourselves and out posterity, do ordain and establish this Constitution for the United States of America"
What is the difference for a change in demand and a change in quantity demand in regards to the demand curve?
Change in demand - requires a new demand curve
Change in quantity demand - is just a movement along the original demand curve
What is the fee charged for a loan called?
Interest