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VA SOL CE12a,c-f

VA SOL CE12a,c-f U.S. Economy

QuestionAnswer
A market exists whenever buyers and sellers exchange goods and services
Markets are generally allowed to operate without undue interference from the government. Prices are determined by supply and demand as buyers and sellers interact in the marketplace. Free enterprise
Individuals and businesses have the right to own real and personal property as well as the means of production without undue interference from the government. The government provides a structure to define and enforce such property rights. Private property
Profit consists of earnings after all expenses have been paid. Individuals have the opportunity to create a business and earn profits. Profit motive
Rivalry between producers and/or between sellers of a good or service usually results in better-quality goods and services at lower prices. Competition
Consumers determine through purchases what goods and services will be produced. Consumer sovereignty
Government involvement in the U.S. economy is _____. limited
Most decisions regarding the production of goods and services are made in the _________ __________. private sector.
Name five characteristics of the U.S. economy. FREE MARKETS; PRIVATE PROPERTY; PROFIT; COMPETITION; CONSUMER SOVEREIGNTY
Free market competition results in - BETTER QUALITY, LOWER PRICES
In the U.S., who determines through purchases what businesses produce and sell? CONSUMERS
In this form of business organization, the owner takes all the risks and receives all the profits - PROPRIETORSHIP
In this form of business organization, two or more owners share the risks and share the profits - PARTNERSHIP
In this form of organization, the business is authorized by law to act as a legal person. The business owners share the profits, but are liable only for their investments - CORPORATION
A person who takes a risk to produce goods and services in search of profit is - AN ENTREPRENEUR
In a proprietorship, who takes all the risks and all the profits? A SINGLE OWNER
A business partnership has ___ ____ who share the risks and the profits. TWO OR MORE OWNERS
A corporation is a form of business that is authorized by law, regardless of the number of owners, to act as: A LEGAL PERSON
In which form of business is owner liability limited to investment? CORPORATION
Why might it benefit a business to become a corporation? IF THE BUSINESS FAILS, THE OWNERS WON‘T BE RESPONSIBLE FOR PAYING THE BUSINESS DEBTS
In the U.S. economy, what flows continuously among households, businesses and markets? RESOURCES, GOODS AND SERVICES
What do individual and business savings do for the economy? PROVIDE FINANCIAL CAPITAL THAT CAN BE BORROWED FOR BUSINESS EXPANSION AND INCREASED CONSUMPTION
Businesses (producers) buy ____; make products that are sold to individuals, other businesses, and the government; and use the profits to buy more ____ RESOURCES - RESOURCES
Governments use ___ ___ from individuals and businesses to provide public goods and services. TAX REVENUE
What happens when households and businesses spend money? income used by households to purchase goods and services and by businesses to purchase resources
What are some examples of private financial institutions? banks, credit unions
Banks receive deposits and make ____ . loans
Private financial institutions encourage saving and investing by paying - interest on deposits
Private financial institutions help provide financial capital (money) to - people /businesses to start or grow businesses
Private financial institutions help facilitate an - exchange of money between savers and borrowers.
Worldwide markets, buying and selling of goods and services by all nations comprises the - GLOBAL ECONOMY
Why do Virginia and the United States trade with other nations? TO INCREASE WEALTH
Why do states and nations trade? * TO OBTAIN GOODS AND SERVICES THEY CANNOT PRODUCE OR PRODUCE EFFICIENTLY THEMSELVES • TO BUY GOODS AND SERVICES AT A LOWER COST OR A LOWER OPPORTUNITY COST • TO SELL GOODS AND SERVICES TO OTHER COUNTRIES • TO CREATE JOBS
Virginia and the United States _____in the production of certain goods and services. SPECIALIZE
What is the impact of technological innovation on world trade? CONTRIBUTE TO THE GLOBAL FLOW OF INFORMATION, CAPITAL, GOODS, AND SERVICES; LOWERS THE COST OF PRODUCTION.
Created by: Mrs. Estes
 

 



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