Unit 2A Vocabulary Flashcards

Front

Which term refers to goods or services that are created to satisfy consumers' wants or needs?

Back

Products

Front

Inputs like land, labor, and capital used to produce goods and services are called?

Back

Resources

Front

What is the medium of exchange that facilitates trade and transactions in an economy?

Back

Money

Front

Which model demonstrates the movement of goods, services, and money between households and businesses?

Back

Circular flow model

Front

What is the market where finished goods and services are sold to consumers?

Back

Product markets

Front

Which term refers to markets where productive resources like labor and capital are bought and sold?

Back

Resource/factor markets

Front

What term describes a single-owner business with unlimited liability?

Back

Sole Proprietorship

Front

Which business structure is owned by two or more people who share responsibilities and profits?

Back

Partnership

Front

What type of partnership includes partners who have equal management authority?

Back

General partnership

Front

What type of partnership includes both general and limited partners?

Back

Limited partnership