Economic Systems
What word describes the wealth and resources of a country in producing and consuming goods and services?
Economy
A company that sells tangible products to customers is called what?
Merchandising business
A business owned by one person is a ________.
Sole proprietorship
An entrepreneur is someone who takes a ________ to start a business.
Risk
Name one major industry found in Pennsylvania.
(Any: Manufacturing, Food Processing, Energy, Healthcare, Construction, etc.)
In a ________ economy, the government controls production, pricing, and distribution of goods.
Command economy
What type of business produces goods using machines and raw materials?
Manufacturing business
Two or more owners sharing a business form what?
Partnership
True or False: Every entrepreneur’s first business is successful.
False
Over 90% of businesses in PA are what size?
Small businesses (fewer than 100 employees)
What kind of economy allows supply and demand to determine prices?
Market economy
What kind of business performs actions or tasks instead of selling goods?
Service business
In a Limited Liability Company, what is separated from the owner?
Personal and business assets
What motivates most entrepreneurs to start a business?
Profit and independence
Which two cities are Pennsylvania’s largest urban business hubs?
Philadelphia and Pittsburgh
Which economic system combines private industry with government-run public services?
Mixed economy
A business that collects natural resources like oil or apples is what type?
Extracting business
When the public can buy shares of a company, it is a ________ corporation.
Public
Name one example of a risk an entrepreneur might take.
Losing money / Time commitment / Product failure
What percentage of PA businesses are in health care and social assistance?
≈ 15%
North Korea best represents which type of economic system?
Command (Communist)
Name the path a product takes from producer to final customer.
Channel of Distribution
What type of business is owned and managed by members who also use its services?
Cooperative (Co-Op)
How does an entrepreneur differ from a typical employee?
Entrepreneurs create businesses, while employees work for them.
Name two ways small businesses impact Pennsylvania’s economy.
Provide ~45% of private-sector jobs and support local growth