Want or Need?
These basic materials that people cannot live without are called __________________.
Needs
In a command economy the _________________ makes all economic decisions.
Government
What is a small business owned by one person called?
Sole-Proprietorship
Corporations raise money by selling ____________________, or shares of ownership.
Stocks
What are items provided by nature without human intervention called?
Natural Resources
True or False: A person’s wants can change over time
True
A market economy is one in which economic decisions are made by ____________________ looking out for their own and their families’ best interests.
Individuals, People
What is a business in which two or more people share the responsibilities?
Partnership
_________________________ are fixed earnings, rather than hourly wages.
Salaries
How many factors of production are there?
4
Items that make life more comfortable, but are not needed for survival are called ___________________.
Wants
In a traditional economy people may trade goods for goods, without the use of money. What type of system is this referred to as?
Bartering System
What document sets out the responsibilities each partner has in a partnership?
A Partnership Agreement
Financial capital is the ________________________ that is used to buy the tools and equipment– the capital goods– used in production.
Money
________________________ is the manufactured goods used to make other goods and services.
Capital
What is one example of a need?
Food, Water, Shelter, Heat, Clothing
What types of governments usually set up command economies?
Dictatorships
What is a business called once you take funding from more than 35 people?
Corporation
An ________________________ is a person who organizes, manages and assumes the risks of a business.
Entrepreneur
All human effort, skills, and abilities used to produce goods and services are called ________________________.
Labor
The process of obtaining goods and services to satisfy your wants is called the ________________-___________________ chain.
Want-Satisfaction
North Korea, Cuba
A corporation is a type of business that is recognized as a separate __________________ entity.
Legal
Corporate profits paid to stockholders are called ________________________.
Dividends
_________________________ is the amount of work produced by a worker per hour.
Productivity