ch 17 sec 1 and 2

business will produce more product when they can sell at a higher price

buyers will want more of a product if they can buy at lower price

what type of business is considered its own legal entity

this type of business can sell stock

what a business has left over after paying its expenses

small business owned by one person

US operates as a market economy but has features of a command economy because of US regulations

purpose is to help others; not make a profit

does not have to pay taxes

if a parternship fails, the owners are responsible for the debt

type of economy that is controlled by the government

2 or more people who share responsibilites is a partnership

economy where people have freedom to obtain goods in almost any way

economy where people grow their own food and barter

lack of a resource

a company has this if it is the only one selling a product