Show:
Economic Concepts
Economic
Systems
Free Market economy
Business Organizations
Personal Finance/Banking
100
There are limited quantities of resources to meet unlimited wants and needs
What is scarcity
100
The role of government in this system is to allow individuals to operate their businesses to maximize their profits
What is free enterprise
100
This exists when one company or firm controls a market
What is a monopoly
100
The percentage of businesses that are sole proprietorships
What is 75 %
100
The price paid for the use of borrowed money
What is interest
200
The most desirable alternative given up as a result of a decision
What is opportunity cost
200
The US economy is based on this system
What is market economy
200
This incentive motivates a manufacturer to sell a product
What is profit
200
Someone who starts their own business
What is an entrepreneur
200
The amount of money borrowed
What is principal
300
The method used by a society to produce and distribute goods and services
What is economic system
300
The government makes all the decisions in this type of economic system
What is centrally planned
300
Acts as a regulating force in a free market economy
What is competition
300
Lack of permanence
What is a disadvantage of sole proprietorships
300
A plan for spending and saving
What is a budget
400
The reources used to make all goods and services
What is factors of production
400
In this type of economy, children tend to have the same jobs as their parents
What is traditional economy
400
This type of googood would be likely to still be bought in the same quantity if price doubled
What is a necessity
400
In a general partnership, which partners are responsible for debts if the business fails
What is all partners
400
Three examples of liquid assets
What is cash, checking account, travelers checks
500
When a government makes a decision between spending money on military or farming
What is "guns or butter"
500
This economy can be characterized as mixed, but more centrally planned
What is the Chinese economy
500
The driving force in a market economy
What is supply and demand
500
A major difference between a corporation and other types of businesses
What is ownership by stockholders or corporations are considered separate entities
500
The details of a credit agreement
What is disclosure