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Economics - Economic Systems and Types of Businesses Flashcards | StudBud
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Economics - Economic Systems and Types of Businesses
Economics - Economic Systems and Types of Businesses
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Types of Economic Systems and Types of Businesses
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21 cards
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1
Controlled by a Board of Directors with government regulation
Partnership
Non-Profit Organization
Sole Proprietorship
Corporation
2
Must pay dividends to their investors
Partnership
Corporation
Non-Profit Organization
Sole Proprietorship
3
Private citizens own and control the factors of production
Traditional Economy
Mixed Economy
Market Economy
Command Economy
4
Citizens own factors of production and use them with government regulation
Traditional Economy
Mixed Economy
Market Economy
Command Economy
5
Approximately 3/4 of all businesses are this type of business
Partnership
Corporation
Sole Proprietorship
Non-Profit Organization
6
Use bartering to obtain goods and services
Command Economy
Market Economy
Traditional Economy
Mixed Economy
7
United States uses this form of economy
Market Economy
Command Economy
Traditional Economy
Mixed Economy
8
Allows different people to combine skills or resources
Partnership
Corporation
Non-Profit Organization
Sole Proprietorship
9
Usually a communist or socialist system
Market Economy
Command Economy
Traditional Economy
Mixed Economy
10
Government owns and controls ALL factors of production
Command Economy
Mixed Economy
Traditional Economy
Market Economy
11
Provides a service to the public at a minimal or no cost
Partnership
Corporation
Sole Proprietorship
Non-Profit Organization
12
Usually in places of little modern technology
Traditional Economy
Market Economy
Mixed Economy
Command Economy
13
Practice
laissez-faire
economics, driven by competition
Mixed Economy
Command Economy
Market Economy
Traditional Economy
14
Goal is for wealth to be evenly distributed among citizens
Traditional Economy
Market Economy
Command Economy
Mixed Economy
15
Prices are based DIRECTLY on the "Invisible Hand"
Market Economy
Command Economy
Traditional Economy
Mixed Economy
16
The owner receives all profits individually
Corporation
Non-Profit Organization
Partnership
Sole Proprietorship
17
World changes have little effect on the economy
Command Economy
Market Economy
Traditional Economy
Mixed Economy
18
The individual owner has unlimited liability
Partnership
Corporation
Non-Profit Organization
Sole Proprietorship
19
Disagreements are the main disadvantage of this type of business
Non-Profit Organization
Corporation
Partnership
Sole Proprietorship
20
Pieces of ownership are called stock
Sole Proprietorship
Non-Profit Organization
Corporation
Partnership
21
The economic risk is shared by a large number of investors
Sole Proprietorship
Partnership
Corporation
Non-Profit Organization
