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Ch17 Economic System

money a business has left after it has paid expenses profit
corporate profits paid to stockholders dividends
lack of a particular resource scarcity
shares of ownership of a corporation stock
business organization that provides goods and services without seeking to earn a profit for stockholders nonprofit organization
buyers will want more products when prices are low law of demand
economic principle that businesses will produce more products when they can sell them at higher prices and fewer products when prices are low law of supply
small business owned by one person sole proprietorship
economic system in which the menas of production are privately owned capitalism
manufactured good used to produce other goods capital
Is the US economic system a command economy, traditional economy,or a market economy market economy
What type of business would a small family-owned business be? sole proprietorship
If one large company owned all of the hotels in one country, that company would have a monopoly
TRUE OR FALSE: The government oversees the economy by protecting the environment, workers' health and safety, and buyers from harmful products. TRUE
Created by: vburke