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Economics Unit 6

Civics Unit 6

QuestionAnswer
Rule that states businesses will provide more products at higher prices and fewer products at a lower cost The Law of Supply
Owned by one person Sole Proprietorship
Amount of money for goods or services Price
Buyers will demand more products when the price is low and fewer products when at a higher price The Law of Demand
Business owners Entrepreneur
Owners with two people Partnership
To buy a good or service Consumption
Decisions on goods or services Incentives
Value of an item that isn't sold in this country Opportunity Cost
A business with many owners Corporation
Can sell stock,conduct businesses and get protection of state laws Corporation
3 Economic Questions What will be produced, who will produce it and whom will produce it.
Decisions of based on customs and very little change occurs Traditional Economy
Karl Marx, Central Ownership of property/resources, Change is easy, Gov. sets prices Command Economy
Most Common economy today, Individuals and businesses make decisions for private sector Mixed Economy
Adam Smith, Resources and goods are limited, Private ownership of property/resources, Ability to profit Free Market Economy
Most Common Economy Mixed Economy
There are free markets, people own private property,Competition and consumer sovereignty, and people are free to profit United States Economy
Banks, Credit Unions, and Savings and Loans Private Financial Institutions
Financial Institutions receive... from customers and make... to customers Deposits and Loans
PFI's encourage saving and investing by paying... on deposits Interest
Created by: court0701
Popular American Government sets

 

 



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