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CE.12

Economic Flow

QuestionAnswer
Entrepreneur A person who sets up a business.
Revenue the name for money that the government gains
Deposit Money put in the bank
Global Worldwide
Liability Debt
Investment Capital
Intermediary Link
Financial Having to do with money
Private Owned by individuals or businesses
Public Provided by the government
Interest A charge for borrowing money
Trade Buying and selling
International Worldwide
Economy System for producing and distributing goods and services
Efficiently Best use of resources
Opportunity cost what is lost when you make a choice
Increase Make bigger
Innovation Something new
Production Making goods and services
Types of business ownership - proprietorship - partnership - corporation
proprietorship form of business organization with one owner who takes all the risks and all the profits
partnership form of business organization with two or more owners who share the risks and the profits
corporation a form of business organization that is authorized by law to act as a legal person regardless of the number of owners
In a corporation, owner liability is limited to - investment
In the circular flow, individuals own - human resources
In the circular flow, individuals use their income to - purchase products
In the circular flow, businesses buy resources to - make products
In the circular flow, businesses use their profits to - buy more resources
Government uses tax revenue to - provide public goods and services
These act as intermediaries between savers and borrowers private financial institutions
two examples of private financial institutions - banks - savings and loans - credit unions
how do private financial institutions encourage saving by paying interest on deposits
Why do Virginia and the United States pursue international trade to increase wealth
global economy worldwide markets in which the buying and selling of goods and services by all nations takes place
why states and nations trade - to obtain goods and services they cannot produce - to obtain goods and services they cannot produce efficiently - to sell goods and services - to create jobs
innovations in technology contribute to the global flow of information, capital, goods and services
using technology lowers - the cost of production
An innovation in technology that contributes to the global flow of information Internet
Created by: NMSElliott
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