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Market Forces Flashcards | StudBud
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Market Forces
What is demand?
What is a corporation?
Market Forces
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1
What is a corporation?
a company with one owner
a company with many workers
a company with many shareholders (part owners)
a person who starts a company
2
What is demand?
How much consumers want of a product
sales minus costs
How much the boss wants worker to work
Amount of a product there is
3
What is an example of a public service? (paid for by government)
house painting
mail delivery
teeth cleaning at dentist
hair styling
4
What is a sole proprietorship?
company with one owner
company with two or more equal partners
company with many shareholders
one person works alone
5
How can a low demand affect price?
lowers it
raises it
doubles it
not affect
6
What is an advantage of a partnership company?
Risks and costs are shared.
The company can hire more people.
The company pays lower tax.
One owner gets all profits.
7
What is product supply?
number of people who want to buy something
amount of money consumers have saved?
amount of something that can be sold or bought
number of consumers there are
8
What are public goods and services?
goods and services that are not secret
goods and services provided by citizens and companies
goods and services provided by the goverment
9
What are private goods and services?
goods and services provided by the world government
goods and services provided for free
goods and services provided by the federal government
goods and services provided by private citizens or companies
10
What benefit can people get from taxes?
public goods and services
private goods and services
free products from companies
11
What is an incentive?
a bad result of a choice
money that the goverment collects
limits on resources
a good thing that motivates your choices
12
What is opportunity cost?
what is given up when a choice is made
all the choices you have in life
what is left after costs are subtracted
what is gained by making a good choice
13
What can motivate (attract) people to make economic choices?
incentives
opportunity cost
scarcity
14
You want to open an ice cream shop. What is one example of a capital resource?
customers
workers
milk
freezer
15
What is missing on this circular flow chart?
goods and services
taxes
human resources
natural resources
16
What factors determine the price of something?
supply and demand
weather and mood
federal and state governments
age and quality
17
What is a partnership?
a person who works alone
a company with many owners
a company with two or three equal owners
a company with one owner
18
What did the 16th amendment do?
national income tax
gave women the vote
abolished slavery
limited presidents to two 4 year terms
19
How can high demand affect price?
has not affect
raises it
lowers it
drops by 2 dollars
20
What are human resources?
books and movies
products made by humans
people who can work
21
What is an example of a capital resource?
tools, machines and software
teachers, students and parents
soil, air and water
women, men, and children
22
What is an example of a natural resource?
tools
people
water
gasoline
23
How can a high supply affect price?
has not affect
raises price
doubles it
lowers price
24
What is another characteristic of a corporation?
It has two or three partner owners.
One owner must pay all debts for the company.
it acts as a legal "person" separate from its many owners.
It pays no income tax on profits.
25
What is an entrepeneur?
someone who runs a company
someone who has a monopoly
someone who starts a company
someone who inherits a company
26
What is a characteristic of a sole proprietorship?
It acts as a legal "person" separate from the owner.
The owner takes all risks and keeps all profits.
The owner works alone.
The owner must pay his partners.
