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32 terms

Mr. Byvik's CE.12 U.S. Econ principals and Vocab

STUDY
PLAY
types of business ownership
1) proprietorship
2) partnership
3) 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 who 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 sell 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
entrepreneur
someone who uses the 4 factors of production and takes risks to make money
proprietorship
having the legal rights or exclusive title to something
partnership
a business owned by two or more people
stockholders
people who invest in corporations and owns some of their stock
corporation
business organization owned by many people but treated by law as if it were a person
stocks
ownership shares of a corporation
interest
payment people receive when they lend or allow someone else to use their money
credit union
nonprofit service that accepts deposits, makes loans and provides other financial services
commercial bank
financial institution that offers full banking services to individuals and businesses
savings and loan
financial institutions that traditionally loan money to people buying homes
currency
coins and paper money
FDIC
when financial institutions fail, Federal Department Insurance (corporation) protects consumer's deposits

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