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CE. 12 A,B,C,D
Businesses. Economic Flow, Financial Institutions, Global Economy, Technology
| Question | Answer |
|---|---|
| Which type of business has only one owner who earns all the profits but, with unlimited liability takes all the risks? | Proprietorship |
| Which type of business has two or more owners who share the profits but, with unlimited liability takes all the risks as well? | Partnership |
| What type of liability means that if the business fails the owners can lose all of their property to pay the debts? | Unlimited |
| Which type of business is authorized by law to act as a legal entity regardless of the number of owners who share the profits and have liability that is limited to their investment? | Corporation |
| How do people become owners in a corporation? | Buy Stock |
| What do we call the business owner who takes a risk to earn profits and can start any of the three types of businesses? | Entrepreneur |
| Individual and business saving and investment provides __ ___ that can be borrowed for noisiness expansion and increased consumption. | Financial Capital |
| Individuals/households give what two things to businesses? | Resources Money |
| Individuals/households get what three things from businesses? | Work Money Products |
| What do businesses use their profits for? | Buy more resources |
| What do individuals and businesses give to the government? | Taxes |
| What does the government give to individuals and businesses? | Public Goods and Services |
| Private financial institutions act as intermediaries between? | Savers and Borrowers |
| What are the three types of private financial institutions? | Banks Savings and Loans Credit Unions |
| Private financial institutions receive ___ and make ___. | Deposits Loans |
| Private financial institutions encourage saving and investing by ___ ___ on deposits. | Paying Interest |
| Worldwide markets in which the buying and selling of goods and services by all nations takes place is - | Global Economy |
| States and nations trade to obtain goods and services they cannot ___ or produce ___ themselves. | Produce Efficiently |
| States and nations trade to buy goods and services at a lower ___ or a lower ___ cost. | Cost Opportunity |
| States and nations trade to sell goods and services to - | Other countries |
| States and nations trade to create - | Jobs |
| Virginia and the United States ___ in the production of certain goods and services because it promotes ___ and ___. | Specialize Efficiency Growth |
| Innovations in technology contribute to the ___ ___ of information, capital, goods, and services. | Global Flow |
| The use of technology lowers the cost of ___. | Productions |
| The technological innovation that has had a huge impact on the global economy is - | Internet |
Created by:
rvanord
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