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VA SOL CE12a,c-f
VA SOL CE12a,c-f U.S. Economy
| Question | Answer |
|---|---|
| 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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