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Ch17 Economic System
| Question | Answer |
|---|---|
| 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 |
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vderoner
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