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CE.11 & CE.12
Terms in this set (21)
What are the 3 basic types of business ownership?
proprietorship, partnership, and corporation
Who plays an important role in all 3 types of business organizations?
a person who takes a risk to produce and sell goods and services in search of profit
Why does the United States trade with other countries?
• Global economy
• To obtain goods they cannot make themselves
• Buy at a lower cost
• Create jobs
Technology does what to production?
lowers the cost
A form of business organization with one owner who takes all the risks and all the profits
A form of business organization with two or more owners who share the risks and the profits
A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits.
the inability to satisfy all wants at the same time
factors of production that are used in the production of goods and services
selection of an item or action from a set of possible alternatives
what is given up when a choice is made
the amount of money exchanged for a good or service
things that incite or motivate
What does Supply and Demand determine?
using of goods and services
What are the 3 basic question of economics?
What will be produced?
Who will produce it?
For whom will it be produced?
economic decisions are based on customs and historic precedent
Private ownership of property and resources, profit motive, competition, individual choice, minimal government involvement
Free Market Economy
Central ownership, lack of consumer choice
Private sector, United States is this
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