Structure of the US Economy

True or False: Competition INCREASES the price of goods

Economic Flow: What do households sell to business?

Which type of business has one owner who takes on all the risk and all the profit?

Which of the following does specialization NOT promote

Economic Flow: What do businesses sell to individuals?

This type of business has two or more owners who take on all the risk

Which of the following is NOT a reason US & VA trade with other countries?

Innovation in which area contributes to the global flow of goods and services?

Economic Flow: What do households receive from businesses in exchange for resources?

True or False: Competition DECREASES the quality of goods

Financial Institutions operate as financial middle-men for all of the following except...

The government sees this type of business as a separate entity from its owners

How do financial institutions encourage savings and investments?

Type of business where owners' liability is limited to how much money they invest

What do financial institutions do with loans?

Which of these is NOT a financial institution we discussed?

A person who starts a business is called...

Economic Flow: What do individuals and businesses give the government?

Economic Flow: What does the government use the tax revenue to do?

This term refers to worldwide trade and economic interaction

What do financial institutions do with deposits?