Unit 2A Vocabulary

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

• Resources

• Money

• Products

• Market structure

What is used to describe inputs like land, labor, and capital used to produce goods and services?

• Products

• Resources

• Circular flow model

• Barriers to market entry

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

• Money

• Stock

• LLC

• Partnership

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

• Circular flow model

• Resource markets

• Monopoly

• Business organization

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

• Product markets

• Factor markets

• Perfect competition

• LLC

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

• Product markets

• Resource/factor markets

• Monopoly

• Product differentiation

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

• Corporation

• Partnership

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

• Monopoly

• Partnership

• Corporation

• Circular flow model

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

• Limited liability partnership

• General partnership

• Limited partnership

• S-corporation

What type of partnership includes both general and limited partners?

• Sole proprietorship

• General partnership

• Limited partnership

• LLC