Types of Businesses Factors Economic Systems President and VP Basic Economics
-Business that is owned by one individual—most common form of business in the United States. Row Question
-single proprietor Row Answer
-Business that is owned by two or more people who are trying to pool their resources. Row Question
-partnership Row Answer
-Business that is owned by a great number of stockholders who share in the profits of the business yet risk only what they have invested. Row Question
-corporation Row Answer
-Economic idea that a person only risks the amount they have invested within a corporation. Row Question
-limited liability Row Answer
-Type of business that operates to provide a service and not to pay stockholders. Row Question
-non-profit Row Answer
-Name one of the four factors of Production? Row Question
- Row Answer
-Name one of the four factors of Production? Row Question
- Row Answer
Row Question -Name one of the four factors of Production?
- Row Answer
Row Question -Name one of the four factors of Production?
- Row Answer
-Which factors includes the machinery used to produce? Row Question
-capital goods Row Answer
-Primitive economy where almost everything is made by hand. Row Question
-traditional Row Answer
-Economic situation where the government is in control of the factors of production. Row Question
-command Row Answer
-Economic situation where individuals make most of the choices. Row Question
-market Row Answer
-Economic situation where individuals and government share the power over economic decisions with individuals owning smaller businesses and government owning the largest. Row Question
-mixed Row Answer
-Another name for the market economy where individuals risk their capital for a chance to gain a profit. Row Question
-capitalism/ free enterprise Row Answer
-These are the tools and machinery used to produce things? Row Question
-capital goods Row Answer
-This is the idea that there is not enough of a product for everyone to have and this fact causes goods to have a value. Row Question
-scarcity Row Answer
-This is the point where the amount available and the amount desired intersect? Row Question
-market / equilibrium price Row Answer
-Situation when demand is greater than the supply of a product---price will usually increase? Row Question
-shortage Row Answer
-Situation when supply is greater than demand---price will usually decrease? Row Question
-surplus Row Answer
-What branch includes the President and VP? Row Question
-Executive Branch Row Answer
-How long are the terms of Presidents? Row Question
-4 years Row Answer
-How old must a President be? Row Question
-35 Row Answer
-What is the citizenship requirement for a President? Row Question
-native born Row Answer
-This is the process of electing the President where each state is assigned a number of electors equal to its representation in Congress and a majority of electoral votes is required to be elected? Row Question
-Electoral College Row Answer