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Chapter 17 The Economic System Flashcards | StudBud
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Chapter 17 The Economic System
Chapter 17 The Economic System
25 terms
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StudBud Administration
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185 plays
A #civics quiz describing the various forms of economic systems in our world/country
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Shares of ownership of a corporation
Sole Proprietorship
Stock
Capital
Corporation
2
The free-enterprise system means Americans
Depend on the gov to tell them how to operate
Entitled to receive free products from stores
Do not pay taxes their first year in business
Able to run their business in the way they think best
3
The duty of a corporation's board of directors is to
None of the Above
Both of the Above
Choose executives to manage the company
Represent stockholders making decisions for the corporation
4
In traditional economies, children earn their living the same way their parents did
True
False
5
Businesses make higher profits with high productivity & lower profits withe lower productivity
True
False
6
When corporations sell stocks, they are
All of the Above
Selling shares of ownership in the company
Agreeing to share their profit
Raising Money
7
Human effort, skills, and abilities used to produce goods and services
Law of Supply
Law of Demand
Entrepreneur
Labor
8
All are economic freedoms enjoyed by Americans except the freedom to
Compete
Earn a profit
form a monopoly
Own property
9
the exclusive right to make and sell an invention for a certain # of years
Corporation
Capitalism
Sole Proprietorship
Patent
10
Capitalism encourages people to work and to invest so that they will do well financially
True
False
11
Money paid to use land or other property belonging to someone else
Law of Demand
rent
Corporation
Capital
12
Corporate profits paid to stockholders
Stock
Capital
Profit
Dividends
13
Put money into various businesses and valuable goods
Dividends
Capital
Stock
invest
14
The role of the government in the free market is limited
True
False
15
the money people invest in business
Profit
Capital
Capitalism
Law of Supply
16
Some goods can be produced more efficiently by larger companies such as is called
A Trust
Free Enterprise
A Partnership
An economy of scale
17
A small family-owned bakery is an example of a
Nonprofit Organization
Conglomerate
Corporation
Sole Proprietorship
18
The principle that businesses will produce more products when they can sell them at higher
Free Competition
The Law of Supply
The Law of Demand
Capitalism
19
Rent and land prices in crowded business areas are cheaper than those in less crowded areas
True
False
20
the problem of limited resources
Scarcity
Labor
Stock
Capital
21
business owner
Sole Proprietorship
Entrepreneur
Dividends
Profit
22
The government oversees the economy by protecting
Workers' health and safety
Buyers from harmful products
The environment
All of the Above
23
If one large company owned all of the hotels in one country that company would be a
conglomerate
Stock
Monopoly
Nonprofit Organization
24
If you decided to open a bakery, your most important decision would be
what prices to charge
the location of the bakery
What kind of cakes to sell
25
Buyers want more products when they can buy them at lower prices
Capital
Law of Supply
Law of Demand
Dividends
