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CE. 12 A,B,C,D

Businesses. Economic Flow, Financial Institutions, Global Economy, Technology

QuestionAnswer
Which type of business has only one owner who earns all the profits but, with unlimited liability takes all the risks? Proprietorship
Which type of business has two or more owners who share the profits but, with unlimited liability takes all the risks as well? Partnership
What type of liability means that if the business fails the owners can lose all of their property to pay the debts? Unlimited
Which type of business is authorized by law to act as a legal entity regardless of the number of owners who share the profits and have liability that is limited to their investment? Corporation
How do people become owners in a corporation? Buy Stock
What do we call the business owner who takes a risk to earn profits and can start any of the three types of businesses? Entrepreneur
Individual and business saving and investment provides __ ___ that can be borrowed for noisiness expansion and increased consumption. Financial Capital
Individuals/households give what two things to businesses? Resources Money
Individuals/households get what three things from businesses? Work Money Products
What do businesses use their profits for? Buy more resources
What do individuals and businesses give to the government? Taxes
What does the government give to individuals and businesses? Public Goods and Services
Private financial institutions act as intermediaries between? Savers and Borrowers
What are the three types of private financial institutions? Banks Savings and Loans Credit Unions
Private financial institutions receive ___ and make ___. Deposits Loans
Private financial institutions encourage saving and investing by ___ ___ on deposits. Paying Interest
Worldwide markets in which the buying and selling of goods and services by all nations takes place is - Global Economy
States and nations trade to obtain goods and services they cannot ___ or produce ___ themselves. Produce Efficiently
States and nations trade to buy goods and services at a lower ___ or a lower ___ cost. Cost Opportunity
States and nations trade to sell goods and services to - Other countries
States and nations trade to create - Jobs
Virginia and the United States ___ in the production of certain goods and services because it promotes ___ and ___. Specialize Efficiency Growth
Innovations in technology contribute to the ___ ___ of information, capital, goods, and services. Global Flow
The use of technology lowers the cost of ___. Productions
The technological innovation that has had a huge impact on the global economy is - Internet
Created by: rvanord
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