Show:
Businesses
Economic Terms
Local Government
Judicial Branch
Characteristics of Major Economic Systems
100

The type of business organization authorized by law to act as a legal person no matter how many people are involved.

What is a corporation?

100
Things that incite or motivate; used to change economic behavior
What are incentives?
100

This has legislative powers in a city or town

What is a city or town council?

100

The Supreme Court's power to look at any local, state, or federal law to see if it is constiutional.

What is judicial review?

100

In this economy, decisions are made based on historical precedent.

What is a traditional economy?

200

The type of business organization that has two or more owners that share the risks and the profits.

What is a partnership?

200
Factors of production that are used in the production of good and services.
What are resources?
200

Runs the local school systems.

What are school boards.

200

Court case that created judicial review.

What is Marbury v Madison

200

In this type of economic system, there is central ownership of property and resources.

What is a command economy?

300

One person takes all the risks and makes all the decisions in this type of business organization.

What is a proprietorship?

300
The interaction between these two determines price
What are supply and demand?
300

This has legislative powers in a county

What is a Board of Supervisors?

300

The authority of a court to hear a case on appeal from a lower court.

What is appellate jurisdiction?

300

In this type of economy, private ownership, profit, competition, and individual choice exist with no government interference.

What is a free market economy?

400

In this type of business, owner liability is limited to the investment of shares purchased.

What is a corporation?

400
This is given up when a choice is made
What is Opportunity cost?
400

Another name for a local law

What is an ordinance?

400

Courts at the federal level.

What are District, Appeals, and Supreme?

400

In this type of economy, individuals and businesses act as decision makers for the private sector.

What is a mixed economy?

500

When businesses and individuals save and invest their money, they provide this, which can be borrowed for business expansion and increased consumption.

What is capital?

500
The combining of human, natural, capital and entrepreneurship resources to make goods or provide services.
What is production?
500

This person is required to be elected by the Virginia Constitution in each locality (4 correct answers)

What is a sheriff, a clerk of the circuit court, a commissioner of revenue, or a treasurer?

500

Part of a criminal trial where probable cause is review, a lawer is given, and a plea is entered.

What is arraignment?

500

In this type of economy the government acts as the decision maker for the public sector.

What is a mixed economy?