Ownership
Economic resources
Intellectual property
Supply and Demand
Measures of our economy
100

This form of ownership only has one person.

proprietorship

100

How many types of economic resources are there?

3

100

How long does a patent last?

20 years

100

When consumers want and buy something this is called

Demand

100

An increase in overall prices is called

Inflation

200

This form of ownership is SIMPLE to start and has multiple people in it

partnership

200

What kind of resources is Gold?

Natural Resource

200

What does a copy right protect and for how long? 

works of art and 70 years after the authors death. 

200

Who creates the supply of a product? 

Producers

200

What does GDP stand for? 

Gross Domestic product

300

This form of ownership is a separate legal entity that stands as its own person.

corporation

300

What kind of resources is a tractor?

Capital resource 

300

This is used to protect logos or images of company 

trademarks

300

Who creates the demand for a product?

Consumers

300

What does GDP measure?

The value of goods and services produced by a country

400

These forms of ownership have unlimited liability

Proprietorship and partnership

400

What kind of resource is a farmer planting their crops?

Human

400

How long does a trademark last?

10 years

400

If consumers are not buying a product, producers will do what?

Make less

400

What is something not counted towards GDP?

Work performed for ones self, resold items, non final goods. 

500

If you are sued while using this form of ownership competently, they can not come after your personal assets.

Corporation

500

True/false. ALL goods and services are made with economic resources.

True

500

What is a patent used for? 

to protect an invention 

500

What is it called when the supply curve and demand curve meet?

Market price or market equilibrium 

500

When GDP is going up which business cycle might we be in? 

prosperity or recovery.