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Economic Systems/Economic Goals
Mixed
American Free Enterprise
Business Organizations
Business organization 2
100
in this type of economy, the use of scarce resources, and nearly all other economic activity, stems from ritual, habit or custom.
What is traditional economy
100
the role of consumer as the ruler of the market, determining what goods and services will be produced.
What is consumer sovereignty
100
the extent to which persons or organizations are better off at the end of a period than they were at the beginning
What is Profit
100
The most common form of business organization in the United States
What is sole proprietorship or proprietorship
100
takes place when firms that produce the same kind of product join forces
What is horizontal merger
200
in a __________economy people make decisions in their own best interest.
What is market economy
200
the extent to which persons or organizations are better off at the end of a period than they were at the beginning
What is profit
200
The act of buyers and sellers freely willingly engaging in market transactions
What is voluntary exchange
200
when a owner is personally and fully responsible for all the losses and debts of the business.
What is unlimited liability
200
works in a business-like way to promote the collective interests of its members rather than to seek financial gains for its owners.
What is a nonprofit organization
300
a federal program of disability and retirement benefits that covers most working people
What is Social Security
300
A rise in the general level of prices
What is Inflation
300
the incentive that encourages people and organizations to improve their material well being
What is profit motive
300
a report showing a business's sales, expenses, net income, and cash flows for a period of time
What is income statement
300
an organization of workers formed to represent its members' interests in various employment matters.
What is labor union
400
the lowest legal wage that can me paid to most workers
What is minimum wage
400
organized way a society provides for the wants and needs of its people
What is economic system
400
Capitalism drives on ___________-the struggle among sellers to attract consumer.
What is Competition
400
a non-cash charge the firm takes for the general wear and tear on its capital goods
What is depreciation
400
a financial organization that accepts deposits from, and makes loans to, employees of a particular company or government agency.
What is credit union
500
an income that does not increase even though prices go up
What is fixed income
500
free enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention and regulation
What is mixed economy
500
the 4 roles of the government in a free enterprise
What is protector, provider, regulator, and consumer.
500
a business that is jointly owned by two or more persons
What is partnership
500
type of firm that has at least four businesses, each making unrelated products and none responsible for a majority of its sales.
What is conglomerate