20 terms

Mr. Byvik's CE.12 U.S. Economy

STUDY
PLAY
types of business ownership
- proprietorship
- partnership
- corporation
proprietorship
form of business organization with one owner who takes all the risks and all the profits
partnership
form of business organization with two or more owners whi share the risks and the profits
corporation
a form of business organization that is authorized by law to act as a legal person regardless of the number of owners
In a corporation, owner liability is limited to -
investment
entrepreneur
person who takes a risk to produce goods and services in search of profit
In the circular flow, individuals own -
resources
In the circular flow, individuals use their income to -
purchase products
In the circular flow, businesses buy resources to -
make products
In the circular flow, businesses use their profits to -
buy more resources
Government uses tax revenue to -
provide public goods and services
These act as intermediaries between savers and borrowers
private financial institutions
examples of private financial institutions
- banks
- savings and loans
- credit unions
how do private financial institutions encourage saving
by paying interest on deposits
Why do Virginia and the United States pursue international trade
to increase wealth
global economy
worldwide markets in which the buying and selling of goods and services by all nations takes place
why states and nations trade
- to obtain goods and services they cannot produce
- to obtain goods and services they cannot produce efficiently
- to seel goods and services
- to create jobs
innovations in technology
contribute to the global flow of information, capital, goods and services
using technology lowers -
the cost of production
An innovation in technology that contributes to the global flow of information
Internet

Flickr Creative Commons Images

Some images used in this set are licensed under the Creative Commons through Flickr.com.
Click to see the original works with their full license.