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Amber Soliz: Ch. 17 Flashcards | StudBud
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Amber Soliz: Ch. 17
Amber Soliz: Ch. 17
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Questions
25
Answers
1
what is money needed to buy the tools and equipment for a business
financial capital
natural resources
profit
investment
2
materials needed to manufacture products.
capital
stock
profit
natural resources
3
problem of limited resources
no more natural resources
scarcity
4
what are the 4 factors of production
Capitalism, Partnership, Profit, Scarcity
Partnership, Labor, Natural Resources, Capitalism
Entrepreneurship, Capital, Monopoly
Natural Resources,Capital, Labor, Entrepreneurship
5
define profit
money a business makes after accounting for all the expenses
amount above the cost of goods
money
6
an entrepreneur is ..
A person who manages their own business and takes risks
Walt Disney
Oprah Winfrey
People take a chance and start their own business
7
a share or ownership or part of a corporation
stock
stockholder
profit
8
what is a corporation
the boss of a business
a business
a bunch of business put together
is an independent legal entity owned by shareholders
9
company that controls all production of a good/service
monopoly
free enterprise
dividends
scarcity
10
true/false nonprofit organizations gain money from the events they do
true
false
11
the right to sell and buy goods at prices of their own choice
capitalism
free market
stockholder
market economy
12
what is sole proprietorship
multiple people own the business
a small business owned by only one person
13
profits paid to corporate stock
capital
dividends
monopoly
14
individuals are free to compete to earn a living/profit & to own property
command economy
market economy
traditional economy
15
what is a type of business organization?
Sole Proprietorships
Corporations
All of the above
Partnership
16
what is labor
sleeping
human effort to produce goods and services
supervising people do work
17
define law of supply
price of good rises, suppliers increase the supply of good
The price of a product rises,the demand for the same product
18
economic system based on private ownership of the means of production
capitalism
profit
capital
sole proprietorship
19
people who own corporate stock
stockholder
rich people
entrepreneur
20
when demand excedes economic resorces
labor
capital
stock
scarcity
21
business organizations where two or more persons share responsibilities,costs,profits & losses
sole proprietorship
corporation
free enterprise
partnership
22
whats an economic systems
traditional
command
market
All of the above
23
true/false capital is the manufactured goods used to make other goods and services
false
true
24
true/false capitalism is a system in which the productive resources owned by private citizens
true
false
25
how can the U.S. economic system be labeled
traditional economy
market economy
all of the above
command economy
