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unit 10

QuestionAnswer
16th amendment:: Congress may collect income taxes
Consumer sovereignty :: consumers determine through purchases what good will be produced
consumer: buyer of goods and services for personal use
competition: rivalry between producers of goods/services that create lower prices and better quality
bank: : privately owned business that takes deposits and makes loans in order to make a profit.
Corporation. a group that legally acts as a single business entity by selling shares of ownership called stock.
Private financial institutions: bank, credit unions and other institutions that supply loans and accept deposits
income: money earned by individuals from selling productive resources
.incentive: things that incite and motivate and are used to change economic behavior
Entrepreneur: a person who takes a risk in search of a profit by starting a new business
Credit union: - non-profit organization owned by members
deposit :: money placed into a private financial institution for safekeeping.
liability: responsibility for business ownership
innovation: : new ideas, products, or methods of production
Financial capital: - money, credit and other forms of funding that build wealth for businesses and individuals
Global economy: worldwide exchange of goods and services
interest: fee paid for using money
partnership: business organization shared by 2 or more owners who share the risks, profits, and workload
partnership: business organization shared by 2 or more owners who share the risks, profits, and workload
Created by: 1515528
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