A form of business organization with two or more owners who share the risks and the profits.
What is a partnership?
200
Anything that is generally accepted as a method of payment.
What is money?
200
Name three things that influence obtaining a career with a higher income.
What are
1. Higher skills
2. Higher education level
3. Supply and demand
300
What is given up when a choice is made.
What is opportunity cost?
300
Central ownership; lack of consumer choice; centrally[lanned economy.
What is a command economy?
300
A form of business organization that is authorized by law to act as a legal person regardless of the number of owners. Owners share the profits.
What is a corporation?
300
Name 3 items used as money in the United States.
What are coins, Federal Reserve Notes (dollar bills), and deposits in bank accounts (checks and debit cards)?
300
An attitude that employers seek in employees concerning how they work.
What is a strong work ethic?
400
The amount of a good or service that consumers are willing and able to buy at a certain price.
What is demand?
400
Individuals and businesses as owners & decision makers for the private sector; government role is greater than in a free market economy and less than in a command economy.
What is a mixed economy?
400
A person who takes a risk to produce goods and services in search of profit.
What is an entrepreneur?
400
The US government passes laws and creates agencies to protect consumer rights and property rights.
What is the role of the US government in protecting consumer rights and property rights?
400
Employers seek individuals who have kept pace with these types of skills.
What is technology?
500
The amount of a good or service that producers are willing and able to sell at a certain price.
What is supply?
500
The extent of government involvement.
How do you determine the type of economy?
500
To obtain goods and services that they cannot produce; to buy goods at a lower cost; to see goods to other countries; to create jobs
Why do Virginia and the US trade with other nations?
500
The role of the Federal Reserve System. Name 2 functions.
What are --
1. Has the dury to maintain the currency value.
2. Regulates banks to ensure safely/soundness
3. Manages the amount of money in the economy to try to keep inflation low and stable.
4. Acts as the federal government's bank.