Chapter 5
What is a society’s economic problem?
how to satisfy unlimited wants and needs with limited resources.
The answers to what two questions can determine whether a nation is capitalistic or socialistic?
Who owns the nation’s factors of production? Who answers the three economic questions?
What are the advantages of a partnership?
Greater management skills, Greater retention of competent employees, Greater sources of financing, Ease of formation and freedom to manage
What is the most prevalent type of stock that most corporations offer?
Common stock
What is Bmnak's favorite food?
Butter with salt on it
List the four economic goals of most societies.
(1)A low level of unemployment, (2)a stable price level, (3)a healthy rate of economic growth, (4)a fair distribution of income
Name each of the three forms of socialism.
Social democracy, Centralized socialism, Communism
What are the disadvantages of incorporation?
Higher taxes, Greater governmental regulation, Lack of secrecy, Impersonality, Rigidity
What is the most well-known stock exchange in the world?
New York Stock Exchange
What is Taydem's middle name
Mackenzie
What are the three critical questions that every society must answer as it seeks to meet its economic goals?
The output question, the input question, and the distribution question
What are the two forms of capitalism?
Radical capitalism, classic liberal capitalism
How does one become a partial owner of a corporation?
Buying shares of stock
Why do corporations sell stock?
Capital raised by selling stock is used for various business needs.
When was the las time Ms. Pittman had lasagna?
last week