Economic Principles
The government does not control businesses, they only regulate them. This defines...
Limited Government
The amount of a good/service that producers are willing and able to sell
Supply
A person who has an idea for a new product/business is called...
An entrepreneur
What 3 things flow continuously through the U.S. Economy?
Resources, goods/services, and money
Innovations in _________ contribute to the global flow of information and capital.
Technology
Free Enterprise (economic freedom) and Democracy (political freedom) both give us...
Individual Freedoms
The amount of a good/service that consumers are willing and able to buy.
Demand
A sole proprietorship is a business that has what kind of ownership?
One single owner
When individuals provide resources to businesses, what do they get in return?
Pay (income)
Things that LEAVE the U.S. and go TO other countries are called...
__________ between businesses results in better quality goods at lower prices for consumers.
Competition
The interaction of supply & demand determines...
Price of a good/service
In a partnership, the risk and profit of a business is...
What are the 2 main jobs of banks + credit unions?
Accept deposits and make loans
How has technology affected the cost of production?
Lowered it
What to produce more or less of
Make more of the good/service
A business that you can take ownership of by purchasing shares is called...
A corporation
How could a bank help a small business?
Giving them a loan
The U.S. specializes in the production of oil, meaning...
They produce / export a lot of it to other countries
Markets are the place where...
Buyers and sellers meet
If demand for a good/service is low, what might a supplier do to their prices?
Lower them
Name all 3 types of business ownership.
Sole proprietorship, Partnership, Corporation
Banks help savers AND make money from borrowers through collecting __________.
Interest
Why might the U.S. need to import certain goods from other places?
It's cheaper to import it or we need to import it because we cannot produce it here