What are the three economic questions?

What to produce, how to produce it and for whom to produce it?

What is a mixed economy?

A market economy with some government interference

What is a Traditional Economy?

Based on tradition and familial careers

What is a disadvantage of a partnership?

Unlimited liability, Profit has to be shared

Which is not true about a Free Market Economy?

Resources are owned by the government

What is a Partnership?

A legal form of business operation between two or more individuals

What is unlimited liability?

Full responsibility for your companys debt

What's a command economy.

Resources owned and controlled by the government.

What is a command economy?

government allocate all resources and decide what to produce

studbud

ECON, UNIT 2 Business types and economic systems

18 termsStudBud Administration92 plays

Imported from external platform

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
What is a NOT an actual pro of a Sole Proprietorship?
Full control over decisions
You can be your own boss
Easy to get loans from banks
You control all of the money made by the business.
2
What are the disadvantages of a sole proprietorship?
Easy to raise Capital
UNLIMITED liability
LIMITED Liability
3
What is a Sole Proprietorship?
A business owned by anyone
A business owned by two people
A business owned by one person
A business owned by multiple people
4
What represents 'ownership' in a corporation?
Dividends
Stocks
Bonds
Certificates of Deposits
5
What are the three economic questions?
What resources to use, for whom to produce, how to produce?
What to produce, how to produce it and for whom to produce it?
What to produce, where to produce, how to produce it?
What to produce, who will produce, how to distribute profit?
6
What is a mixed economy?
The government controls what, how, and for whome to produce
Businesses operate with no interference from the government
A market economy with some government interference
7
What is a Traditional Economy?
Allows free exchange
Free ideas welcomed
Based on tradition and familial careers
Controlled by the central government
8
What is a disadvantage of a partnership?
Each partner may have a different specialist skill
Work can be shared
Unlimited liability
Profit has to be shared
9
Which is not true about a Free Market Economy?
The market determines prices
There is no economic plan
There is limited government control on what/how to produce
Resources are owned by the government
10
What is a Partnership?
A business formed by one person who has people who help them
A legal form of business operation between two or more individuals
11
What is unlimited liability?
Unlimited times to lie
Full responsibility for your companys debt
I dont know
Not being responsible for your business actions
12
Shareholders invest their money in a
corporation
partnership
proprietorship
lemonade stand
13
Which legal structure has limited liability?
Corporation
Sole proprietorship
Partnership
14
What's a command economy.
Resources owned by Shaggy.
Resources owned by the market.
Resources owned and controlled by the people.
Resources owned and controlled by the government.
15
What is a command economy?
command economy is a controlled trade.
A command economy is an economy that satisfies wishes
government allocate all resources and decide what to produce
A command economy produces outputs with services.
16
How involved is the government in a command economy?
Full control
No control
Partial control
17
you can invest in a sole proprietorship
False
True
18
Which is closest to the US economic system?
command economy
free market
traditional economy

ECON, UNIT 2 Business types and economic systems Flashcards | StudBud