Economics Final part 2

which of the following are advantages of a partnership (more than one)

In the formula for GDP, "M" stands for ____

DIFFERENCES: NEEDS are ______________; WANTS ___________________.

a corporation is treated as a person and separate legal entity and is managed by a _______

In the formula for GDP, "X" stands for ____

Federal Reserve District #10 is located

Warner Bros, HP, McDonalds, Microsoft, Apple, Google, Ben & Jerry's, and Twitter are examples of this type of business

which of the following are advantages of a corporation (more than one)

In the formula for GDP, "I" stands for ____

which of the following are disadvantages of a corporation (more than one)

Federal Reserve District #4 is located

Which state(s) has(Have) offices of two Federal Reserve Districts?

define "gross domestic product"

WHICH BUSINESS TYPE?: share profits and losses, mutual agency (approval), unlimited liability, contractual relationship

ECONOMY TYPE: private property, freedom, self-interest, competition, minimum government intervention

WHICH BUSINESS TYPE?: one person owns business; unlimited liability, no legal entity, sole decision maker

A business owned by one person is called a

Federal Reserve District #6 is located

which of the following are disadvantages of a partnership (more than one)

WHICH "ISM"?: all businesses (and property) are publicly owned and state-controlled

Which of the following is the correct formula for calculating GDP?

In calculating GDP using the formula GDP=C+I+G+(X-M), the X and M stand for:

ECONOMY TYPE: geographically and locally based, barte; little to no surplus or waste

Select the 3 Fundamental Economic Questions

Federal Reserve District #9 is located

The 4 Factors of Production (C.E.L.L.) are:

Federal Reserve District #12 is located

In a sole proprietorship, this person has complete responsibilty for all business decisions and works at the business

electrician, plumber, CPA/accountant, website designer, housekeeper are all examples of this

it is difficult for sellers to enter these types of market structures (more than one)

Federal Reserve District #2 is located

Federal Reserve District #5 is located

WHICH "ISM"?: business is a mix of public and private with substantial government control

which of the following are disadvantages of a sole proprietorship (more than one)

WHICH "ISM"?: business ownership is largely private and encourages competition

ECONOMY TYPE: government controls wages and pricing, and owns key business and industries; robust black markets

Least competitive market structure?

a corporation is a ____ entity which is ______ from its owners, who are called _______

WHICH BUSINESS TYPE?: limited liability, pays dividends to shareholders, professional management, additional taxes

True or False: a corporation can own a bank account, own property, and do business, all under its own name

In the formula for GDP, "G" stands for ____

Federal Reserve District #3 is located

Which of the following are true correct about: SOLE PROPRIETORSHIP

Federal Reserve District #11 is located

Most competitive market structure?

Which of the following are true correct about: PARTNERSHIP

DIFFERENCES: GOODS are produced ________________; SERVICES are produced and ________________________.

Federal Reserve District #7 is located

In the formula for GDP, "C" stands for ____

define "GDP"

it is usually easy for sellers to enter these types of market structures (more than one)

In calculating GDP using the formula GDP=C+I+G+(X-M), the C, I, and G, stand for:

Federal Reserve District #8 is located

accounting office, dentists, lawyers, doctors, real estate agents are examples of this type of business

Federal Reserve District #1 is located

Which of the following are true correct about: CORPORATION