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Unit 10
United States Economy
| Term | Definition |
|---|---|
| intervene | to get involved |
| perceive | how something looks, or regarded as |
| anticipate | expect, predict, something is probable |
| undue | excessive, innapproiate |
| liabiltiy | responsiblity |
| investment | putting money, time, effort, inot something fo rgain or profit, like making money |
| risk | possible threat or chance someone takes when making decisions about money |
| innovative | new, ceratie, advanced, orginal |
| financial institutions | private banks and credit unions |
| efficient | not wasteful, works well |
| mixed | United States is classified as this type of economy because individuals and government influence the economy |
| market | this exists when buyers and sellers exchange goods and services |
| government | this usually intervenes in a market economy when the perceived benefits of a policy outweigh the anticipated costs |
| free enterprise | term from topic 1 that means markets are usually allowed to operate without undue interference form the government |
| prices | determined by supply and demand as buyers and sellers interact in the marketplace |
| private property | individuals and business have the right to own real and personal property as well as the means of production without undue interference from the government |
| profit motive | profit consists of earnings after all expenses have been paid |
| profit | earnings-expenses=_________ |
| competition | rivalry between producers/sellers that results in lower prices and better quality |
| consumer sovereignty | consumers (buyers) determine what goods and services need to be produced or provided based on purchases |
| limited | In the United States economy, government involvement is ______ but not absent. |
| three | there are ____ (number) basic ways businesses organize to earn profits |
| proprietorship | form of business organization with one owner who takes all risks and profits |
| partnership | form of business organization with two or more owners who share risks and profits |
| corporation | form of business organization that is authorized by law to act as a "legal person" regardless of the number of owners, owners share profits and own liability is limite dto the amount of their investment |
| entrepreneur | person who takes a risk to produce and sell their good or products, they want to make a profit |
| flow | resources, goods and services, and money ____ continuously among households, businesses, and markets in the US economy |
| tax revenue | the US government uses ______ _____________ from consumers and businesses to provide public goods and services |
| banks | example of a private financial institution |
| credit unions | example of a private financial institution |
| interest | the amount of money that is added to a loan and must be paid back |
| global economy | term that means worldwide markets where buying and selling of goods and services by all individuals, businesses, and nations take place |
| internet | this technology contributes to the global flow of information, capital, goods, and services....It is instant communication |
| lowers | technology usually ______ the cost of production and creates new jobs |
Created by:
erin.koger
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