Types of Economies
Capitalism
Sole Proprietorship and Partnership
Corporations
Roles of the Government, Consumer, Businesses
100
Cuba, the Soviet Union, and North Korea are examples of this type of economy.
What is a command economy?
100
Entrepreneurs risk everything with the hope of gaining a lot of money. The term that describes this is...
What is profit motive?
100
A sole proprietorship is the easiest form of business to start. It doesn't have any requirements, except for the occasional _________________.
What are business licenses and fees?
100
This corporation was the #1 profit making corporation in 2011.
What is Exxon?
100
In the economy, consumers use this object to "vote."
What is money or dollars?
200
In this type of economy, the basic needs of everyone in society are not always met...
What is a market economy?
200
This term is used to describe the act of buyers and sellers freely trading their goods. Both end up better off than where they started.
What is a voluntary exchange?
200
Both partnerships and sole proprietorships share this trait.
What is relatively easy to start up, no business taxes, and/or easy to end?
200
You need more than this many different types of businesses to be called a conglomerate.
What is four?
200
These people want to be their own boss.
Who are entrepreneurs?
300
This is the type of economic system we have in the United States.
What is a mixed economy?
300
This term means that consumers and businesses are free to make choices that are best for them. This is a central aspect of capitalism.
What is economic freedom?
300
If you unexpectedly die, this will happen to your sole proprietorship.
What is it will end?
300
If I own the natural resources, factory, and distribution for a particular item, my corporation is called this.
What is a vertical merger?
300
Name one thing the government protects the consumers against.
What is false advertising, unsafe food and drugs, environmental hazards?
400
In this type of economy, life is generally stable and predictable.
What is a traditional economy?
400
In a capitalism society, individuals own what (there are 4 of them)...
What are the factors of production?
400
Eduardo Savron and Mark Zuckerberg shared this type of partnership.
What is limited partnership?
400
This is the difference between publicly and privately held corporations.
What is publicly is open to the public to buy stock and privately is kept between the family members?
400
consumer sovereignty means...
What is the consumer is the ruler of the market?
500
In this type of economy, decision making is decentralized.
What is a market economy?
500
Both tangible and intangible items are considered to be this...
What is private property?
500
This type of partnership is when you are only responsible for your own actions in a business.
What is a limited liability partnership?
500
Name one fact that we learned about the Walmart Corporation.
What is...many possible answers.
500
This is the reason why we are a mixed economy and not a market economy.
What is because the United States has free enterprise with some governmental regulations?
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