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SMM - Economics (Characteristics of US Economy, Business Ownership) Flashcards | StudBud
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SMM - Economics (Characteristics of US Economy, Business Ownership)
SMM - Economics (Characteristics of US Economy, Business Ownership)
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Economic topics covered are characteristics of the U.S. economy and types of business ownership.
Flashcards
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Questions
18
Answers
1
If a corporation fails, the owners' liability is their...
Investment
Income
Savings
Property
2
In a free market prices are determined by what?
Supply and demand
Executive acts
Scarcity
Available resources
3
What is the main role of the consumer in the U.S. economy?
Make products for themselves
Operate the economy without undue influence
Buy all goods/services at any price
Determine through purchases what will be produced
4
What is a person who takes risks to produce goods and services in search of a profit called?
Boss
CEO
President
Entrepreneur
5
By purchasing an iPhone6 u are determining what will be produced. What characteristic is this?
Profit
Private property
Free market
Consumer sovereignty
6
You need a new car, and you kind of like the Honda Accord. All are competitors
EXCEPT
...
Kia Optima
Ford Focus
Porsche 911
Toyota Camry
7
Ability of businesses/individuals to own means of production represents what part of USeconomy?
Competition
Consumer sovereignty
Free markets
Private property
8
In the U.S. economic system, who makes the decisions?
Individuals only
Government only
Businesses only
Individuals, businesses, and government
9
Which form of business organization is authorized by law to act as a legal person?
Corporation
Entrepreneurship
Partnership
Proprietorship
10
If u want to invest in a business where you make all decisions & keep all profits, it would be
Proprietorship
Fun times
Partnership
Corporation
11
The people with the ideas and courage to start a business are known as which type of resource?
Natural
Entrepreneurship
Capital
Human
12
What is it called when markets operate without undue interference from the government?
Consumer sovereignty
Profit
Supply and demand
Free market
13
A partnership is owned by...
One person
Group of investors
Government
Two or more people
14
Rivalry between producers of goods results in a better quality product at a lower price is...
Profit
Competition
Free Market
Consumer Sovereignty
15
All of the following are characteristics of the U.S. economy
EXCEPT
...
Free markets
Consumer sovereignty
Private property
No competition
16
Business owners keep all earnings they make after expenses have been paid. What is this called?
Price
Profit
Consumer sovereignty
Market price
17
If you want to invest money in a business that has the least amount of risk, you would invest
Proprietorship
Corporation
Entrepreneurship
Partnership
18
Entrepreneurs accept the risks in organizing resources to produce good/service cause they want
Lebron James
Resources
Profits
Swag
