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Unit 8 TEST
Types of Businesses and Economies
| Question | Answer |
|---|---|
| What is an Entrepreneur? | A person who starts his or her own business. |
| What is Sole-Proprietorship? | A business owned by 1 person. |
| What is a Corporation? | A business owned by stockholders and are llegally liable for actions or debt the company occurs. |
| What is a Partnership? | A business owned by two or more people. |
| What is a Natural Resources? | Anything coming from nature, not man made. |
| What is a Capital Resource? | Any resource used to make a good or service that isn't a land or labor resource. |
| What is a Incentive? | Something that motivates you to take action. |
| What is a resource? | Something used to produce goods and services. |
| Owner keeps all of the profits and assumes all of the risks | Proprietorship |
| Owner share risks, liability, decision-making, and profits | Partnership |
| The most expensive to start | Corporation |
| Very hard to raise capital, but the easiest type of business to start | Proprietorship |
| A business owned by stockholders and acts as a legal entity | Corporation |
| Owner liability is limited to investment | Corporation |
| The most common type of business model in the United States | Corporation |
| A business owned by two or more people | Partnership |
| The largest type of business model | Corporation |
| A business owned by one person | Proprietorship |
| Can be started by an entrepreneur | Proprietorship |
| Based on Tradition | Traditional |
| Roles are passed down from family | Traditional |
| Discourages new ideas | Traditional |
| Private ownership of property and resources | Free Market |
| Consumer sovereighty, people can buy and sell whatever they want | Free Market |
| Free from government regulations | Free Market |
| Government owns property and resources | Command |
| Lock of consumer choice | Command |
| No incentive to work hard | Command |
| Consumer demand not met | Command |
| Centrally (government) planned economy | Command |
| Individuals and businesses own property and resources. | Mixed |
| Government and business work together. | Mixed |
| Can buy and sell most things except what govern deems illegal | Mixed |
| Most commen economic system today | Mixed |
| What type of economy the US has? | Mixed |
| Which economic system is the most common today? | Mixed |
| What three questions must all businesses and econonnic systems ask before producing goods and services? | What shall I produce? For who am I producing? Who will produce it? How will it be produced? |
| What role does scarcity play in making decisions? | The choice yoou make when you run out of that resource |
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