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Circular Flow
Economics 101
Business Organizations
Factors of Production
Economic Systems
100
This entity appears in the middle of the Circular Flow Model
What is Government?
100
Things such as food, water, and shelter.
What are needs.
100
This business has no special taxes.
What is sole proprietorship.
100
Cutting down trees is this factor of production.
What is labor.
100
This is the economic system in which the government make all the economic decisions.
What is command economy.
200
Households and businesses pay this to the Government.
What is taxes
200
This is the study of how people choose to use scarce resources.
What is Economics.
200
This business can easily transfer ownership.
What is Partnership.
200
This person takes on risk when investing in a new business.
What is entrepreneur.
200
This is the economic system where families/ clans/ or tribes make economic decisions based on customs.
What is traditional economy.
300
These are two main economic decision makers in the Circular Flow Model.
What is households and businesses.
300
People perform these for others for money.
What is services.
300
This is the largest business organization.
What is corporation.
300
This is the income earned by capital.
What is interest.
300
This economic system is based on individual choice.
What is a market economy.
400
Money flows in this part of the circular flow model.
What is outer circle.
400
This is a person who buys goods and services for personal use.
What is a consumer.
400
It is easy to enter and exit this type of business.
What is Sole Proprietorship.
400
This can expand the production possibilities frontier.
What is technology.
400
This economic system combines elements of other economic systems.
What is mixed economy.
500
These are four things households offer to the resource market.
What is capital, land, labor, and entreprenuership.
500
This is a person who makes goods or provides services.
What is producer.
500
This type of business organization sells stock to gain capital.
What is corporation.
500
Fish is an example of this factor of production.
What is land.
500
This is another word for capitalism.
What is free market.