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CE.12
| Question | Answer |
|---|---|
| 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 called an _____. | entrepreneur |
| 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 US economy, what flows continuously among households, businesses, and markets? | 1. Resources 2. 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 _____, then make products that are sold to individuals, other businesses and/or the government, and then use the profits to buy more _____. | resources; resources |
| Governments use _____ from individuals and businesses to provide public goods and services. | tax revenue |
| Why do Virginia and the United States trade with other nations? | To increase wealth |
| Virginia and the United States _____ in the production of certain goods and services. | specialize |
| What is the impact of technological innovation on world trade? | 1. Contributes to the global flow of information, capital, goods, and services 2. Lowers the cost of production |
| How do financial institutions like banks encourage saving and investing? | Private financial institutions act as intermediaries (middle-men) between savers and borrowers. |
| What are some examples of private financial institutions? | 1. Banks 2. Savings and Loans 3. Credit Unions 4. Securities Brokerages |
| Banks receive deposits and make _____. | loans |
| Worldwide markets in which the buying and selling of goods and services by all nations comprise (make up) the _____. | global economy |
| Why do states and nations trade? | 1. To obtain goods and services they cannot produce or produce efficiently themselves 2. To buy goods and services at a lower cost or a lower opportunity cost 3. To sell goods and services to other countries 4. To create jobs |
Created by:
bres_ce
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