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Economic Systems
The U.S. Economic System
Business Organizations
Vocabulary
Factors of Production
100
List the three types of Economic Systems.
Market Economy, Traditional Economy, Command Economy.
100
What type of economic system does the U.S have?
Market Economy
100
What are the 3 types of Business organizations?
Sole Proprietorship, Partnerships, Corporation.
100
An economic system in which the productive resources are owned by Private Citizens.
Capitalism
100
Is a Natural Resource considered a factor of production? WHY?
It is considered a factor a factor of production only when some payment is necessary for its use.
200
What is a market Economy based on?
Freedom
200
In early America what were Businesses like?
Most Businesses were smaller before.
200
List 2 advantages of Sole proprietorship.
You are your own boss.

You get to decide the hours the business will be open and how the business will operate.

Owner take all profit the business produces.

200
Corporation profits paid to stockholders.
Dividends. 
200
What's Financial Capital?
money used to buy tools and equipment used in production.
300
Who makes all the decisions in a command economy? What type of decisions?
The Government makes all the economic Decisions.
300
Whats a Conglomerate?
When businesses merge together to make a huge organization that produce, supply, or sell a number of unrelated goods.
300
What happens if a Partnership fails?
Partners can lose their personal Belongings.
300
Manufactured goods used to make other goods and services.
Capital
300
Whats the job of an entrepreneur?
Organizes, manages, and assumes risks of a business.
400
What are the 5 American Economic Freedoms?
Freedom to Compete, Freedom to own Property, Freedom to buy and sell, Freedom of workers to compete for jobs, Freedom to earn Profits.
400
What can the government intervene in to help out on?
Help control Prices.
400
What happens if a Corporations business fails?
Neither stockholders nor Corporation's Executives are responsible. Money raised by corporation is used to pay off debt.
400
Human effort, skills, and abilities to produce goods and services.
Labor
400
List 4 Factors of Production.
Natural Resources, Capital, Labor, Entrepreneurship.
500
What do individuals and businesses compete for in a market Economy?
Resources
500
Whats one way the government can help control prices?
 Government can give money to certain industry to balance money.
500
Bout how many businesses are owned by one person in the U.S?
More than 18 million.
500
The right to buy and sell goods as you want.
Free Market.
500
What's Productivity?
The amount of work produced by a worker per hour.