The Circular Flow
In the Circular Flow Model, this group sells resources.
What are -
Individuals or Households
The type of business organization that has two or more owners that share the risks and the profits.
What is-
a partnership
True or False:
The Internet is one example of an innovation in technology that has had a huge impact on the global economy.
What is -
True
These groups receive deposits and make loans.
What are -
Private Financial Institutions
(banks and credit unions)
The group that makes products in the Circular Flow Model.
What are -
Businesses
This is what businesses receive for the goods they produce.
What is -
Money or Revenue (Profits)
The type of business organization that acts as a legal person regardless of the number of owners, and has limited liability.
What is -
a corporation
The use of technology can help to ___________ the cost of production.
What is -
Lower
The type of private financial institution that is a non-profit business, and where people need to be a member to use it.
What is -
a Credit Union
Earnings - Expenses = _________________?
What is -
Profit
Land, capital, entreneurs, and labor are all resources considered factors of __________________.
What is -
production
The type of business organization that has one owner who takes all of the risks and all of the profits.
What is -
a proprietorship
Both the United States and Virginia pursue worldwide trade in order to-
What is -
increase wealth
This is how private financial institutions encourage people to deposit money in savings accounts.
What is -
they pay interest on deposits
Place where goods and services are exchanged in the Circular Flow Model.
What is -
The Product Market
These items are continuously being exchanged in the Circular Flow Model.
What are -
Money, Resources, and Goods and Services
A person who takes a risk to produce and sell goods and services in search of profit.
What is -
an entrepreneur
Worldwide purchasing and the selling of goods and services across national boundaries is a good definition for the _____________ _______________.
What is -
global economy
States and nations trade to create ____________ overseas.
What is -
jobs
The term that means a "go-between" or "middleman".
What is -
Intermediary
Governments use tax revenue from individuals and businesses to provide _________________________.
What is -
Public Goods and Services
The type of business organization that must share its profits with its shareholders.
What is -
a corporation
Virginia and the United States specialize in the production of certain goods and services to promote ____________ and _______________.
What are -
Efficiency and Growth
This is money paid on loans or deposits.
What is -
Interest
The type of person who fosters technological progress and economic growth.
Who is -
an entrepreneur