Unit 10 Review: (CE.12a, CE.12c-f)

In the economic/circular flow diagram, who buys the resources, makes products to sell to individuals, other businesses, and governments, and uses profits to buy more resources?

• Businesses

• Individuals (Households)

• Government

What type of business organization limits liability and is authorized by law to act as a "legal person" regardless of the number of owners?

• Partnership

• Corporation

• Proprietorship

• Government

What does a business have left after all the bills have been paid? (HINT: Earnings minus Expenses)

• Supplies

• Taxes

• Profit

• Debt

Worldwide markets in which the buying and selling of goods and services by all individuals, nations, and businesses takes place is called the _________.

• National Economy

• National Marketplace

• Global Environment

• Global Economy

Virginia and the United States specialize in the production of certain goods and services, which...

• promotes efficiency and growth.

• promotes competition.

• encourages tax increases.

• creates an unstable market.

What do we call a person who is willing to take the risks of starting a business in order to make a profit?

• Proprieter
• Partner
• Entrepreneur
• Incorporater

In the United States economy, businesses and individuals have the right to own ____________________.

• Consumer Sovereignty

• Private Property

• Profit

• Competition

What type of business organization has two or more owners who share risks and profits?

• Proprietorship

• Partnership

• Corporation

• Friendship

The economic (circular) flow is made up of a continuous interaction of which three groups?

• Workers, Government and Transportation

• Homeowners, Business Owners, Car Dealers

• Factories, Farmers, and Workers

• Businesses, Individuals, and Government

What type of business organization has one owner who takes all the risks and all the profits?

• Partnership

• Corporation

• Proprietorship

• Dictatorship