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U.S. and World Economy - Review
Terms in this set (20)
Henry Ford started the Ford Motor Company in 1903 and produced the Model T automobile. He's an example of...
When individuals work for businesses, what resource are they providing?
When individuals pay their income tax, who do they pay it to?
Whose duty is to act as the nation's central bank and maintain the value of the dollar?
Federal Reserve Bank
What does government need to do if it needs more money to fix the highways?
This is an example of a public good or service
Fairfax County Public Library
What gave government the power to tax citizens?
Combination of private and central ownership of resources
If the price of a doughnut goes down from 75 cents to 25 cents, the demand will...
Mr. Myself decides to open a business by himself so he doesn't have to share the risks or the profits. This business model is an example of...
The world soccer organization known as FIFA is the only one ruling and supervising soccer competitions around the world. This is called a...
In this type of economy, a business can be transferred from a family generation to another.
A business owned by many people (stockholders)
What do individuals get in return for their labor from business or from government?
When Mary and Lisa open a gelato stand and are willing to share the risks and profits
When supply is higher than demand, the price will...
Edward is a dentist. He saves money every month. In which financial institution does he deposit it?
What single term can we use to refer to a private bank, a federal reserve bank, and a credit union?
This is an example of a public service
A traffic light
If citizens have a concern about a business, they can share it with this government institution:
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