Ch17 Economic System
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| money a business has left after it has paid expenses | profit
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| corporate profits paid to stockholders | dividends
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| lack of a particular resource | scarcity
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| shares of ownership of a corporation | stock
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| business organization that provides goods and services without seeking to earn a profit for stockholders | nonprofit organization
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| buyers will want more products when prices are low | law of demand
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| economic principle that businesses will produce more products when they can sell them at higher prices and fewer products when prices are low | law of supply
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| small business owned by one person | sole proprietorship
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| economic system in which the menas of production are privately owned | capitalism
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| manufactured good used to produce other goods | capital
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| Is the US economic system a command economy, traditional economy,or a market economy | market economy
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| What type of business would a small family-owned business be? | sole proprietorship
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| If one large company owned all of the hotels in one country, that company would have a | monopoly
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| TRUE OR FALSE: The government oversees the economy by protecting the environment, workers' health and safety, and buyers from harmful products. | TRUE
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