Vocab 1
Vocab 2
Economies
Test 1
Test 2
100
this word describes the legal obligation to pay debts or damages.
What is liability?
100
this word describes the use of resources to create goods and services.
What is production?
100
open market driven economy.
What is capitalism?
100
the free enterprise system balances freedom and ____.
What is protection?
100
example of intellectual property.
What is an original song?
200
The term that describes natural resources as factors of production such as oil, acreage, or timber.
What is land?
200
the name for the exclusive control of sales of a product or service in a market.
What is a monopoly?
200
an economic system where the government makes economic decisions, controls property, and shares profit.
What is communism?
200
the freedom to compete helps _____.
What are buyers and sellers?
200
this term refers to people who have no technological skills will not get higher-paying jobs.
What is the "technology gap?"
300
describes the situation in which there are not enough resources available to satisfy existing needs or wants.
What is scarcity?
300
the word for the amount of a particular good or service that producers are willing and able to provide at a given price.
What is supply?
300
Limited private ownership and control of production and profits.
What is Socialism?
300
a state cannot economically discriminate against another state was determined by this case.
What is Hunt v. Washington Apple?
300
This exists outside of the employees or owners, sometimes sells stock to raise money, protects its owners from personal liability.
What is a corporation?
400
Shares of ownership in a company.
What are stocks?
400
term for money paid for the use of money.
What is interest?
400
exchange of one kind of good or service for another.
What is the barter system?
400
freedom to compete allows businesses to...
What is sell to anyone, sell to the same customers as competitors, compete with others for new clients?
400
this type of business organization only tries to make enough money to complete its goals.
What is a not-for-profit business?
500
The amount of money remaining after all of a business's operating expenses have been paid.
What is profit?
500
another word for the factors of production that include natural resources, human resources, and capital.
What is resources?
500
absolutely no government intervention in the economy.
What is laissez-faire?
500
if you obey business laws in a free market economy, the government can only interfere by ___.
What is collecting taxes?
500
This type of business organization forms when two sole-proprietorships join together.
What is a partnership?
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