ECON Units 1-3 Review

An example of a non-profit business is

Unlimited liability, limited skills, & difficulty raising money are disadvantages of a

These businesses make the most profit in the U.S.

The purpose of The SEC is to

Factors of production are owned by government, consumers control the market is an example of a

All partners share responsibilities and rewards in a

One or more partners are inactive in running day to day business operations in a

the joining of companies involved in different steps of manufacturing or marketing is a

Difficult & expensive start-up, double taxes, more government regulations are disadvantages of

Easy start-up and run, no extra taxes, the owner keeps profits are advantages of a

A one person business is a

Organizations that act as banks by taking deposits & making loans but only for their members...

Ease of start-up, attracting better talent, no extra taxes are advantages of

Unlimited liability, conflicts and disagreements are disadvantages of

Land, Labor, Capital, Entrepreneurs are

Legal papers that specify arrangements between people establishing a business are

Raise funds with stocks, bonds, limited owner liability, attracts top talent are advantages of

An example of a for-profit business is

Proprietorships, partnerships, corporations are

The price paid for the use of another person's money for investment, etc is called

An incentive that encourages people to improve their financial situation is a

Organizations formed to represent workers' interest in employment matters are

Consumers determine products that are produced in a

These businesses make the most percentage of sales in the U.S.

Communism is a

The central government makes all economic decisions in a

An example of government's indirect role in the economy is the

Intervention to insure a market economy works smoothly & efficiently is an example of

What provides general information on companies in the community and keep records on complaints?

The joining of companies that produce the same types of goods or services is a

A group that works together to buy goods in bulk to benefit its members by reducing prices is a

Competing with private industry is an example of

An example of government's direct role in the economy is establishment of

Legal entities separate from the owners and can do almost anything an individual can do are

Limited liability for the inactive partner is found in a