Ownership
This form of ownership only has one person.
proprietorship
How many types of economic resources are there?
3
How long does a patent last?
20 years
When consumers want and buy something this is called
Demand
An increase in overall prices is called
Inflation
This form of ownership is SIMPLE to start and has multiple people in it
partnership
What kind of resources is Gold?
Natural Resource
What does a copy right protect and for how long?
works of art and 70 years after the authors death.
Who creates the supply of a product?
Producers
What does GDP stand for?
Gross Domestic product
This form of ownership is a separate legal entity that stands as its own person.
corporation
What kind of resources is a tractor?
Capital resource
This is used to protect logos or images of company
trademarks
Who creates the demand for a product?
Consumers
What does GDP measure?
The value of goods and services produced by a country
These forms of ownership have unlimited liability
Proprietorship and partnership
What kind of resource is a farmer planting their crops?
Human
How long does a trademark last?
10 years
If consumers are not buying a product, producers will do what?
Make less
What is something not counted towards GDP?
Work performed for ones self, resold items, non final goods.
If you are sued while using this form of ownership competently, they can not come after your personal assets.
Corporation
True/false. ALL goods and services are made with economic resources.
True
What is a patent used for?
to protect an invention
What is it called when the supply curve and demand curve meet?
Market price or market equilibrium
When GDP is going up which business cycle might we be in?
prosperity or recovery.