#CH 8 Econ Review

This is not an element of the circular flow model

Starting a business involves an ability to take risks. 

Disadvantages of a partnership include

These are all examples of successful entrepreneurs except

When consumers and businesses pay taxes the government gives back

Having the money to start a business is called having _______

Disadvantage of a sole proprietorship include

When an investor can only lose as much money as they have invested

A possible explanation of something is 

Investors who back an entrepreneur are called ______________.

Advantages of a corporation include: limited liability,can raise money easily,unlimited life.

Characteristics of successful entrepreneurs are 

Someone who buys stock with the hope of gaining lots of money back later

___________ start a new business or improve an old one.

Disadvantages of a corporation: Expensive, easy to organize, owner is boss

This shows the exchanges between consumers, businesses, and government

Before starting a business, it is a good idea to find out if consumers are interested. 

Advantage of a sole proprietorship is 

Someone owning shares of a company is called

What are the three types of businesses?

The knowledge or skill to do something is technical know-how

A state needs to issue this for a corporation to form

Business owner in a partnership are responsible to pay the company's _________.

Why might two people form a partnership

To earn money, what might you exchange?