The U.S Economy, Businesses, Circular Flow

Which of the following completes the economic flow chart?

• Households

• Taxes

• Market

• Government

Which term best completes the economic flow?

• Taxes

• Income

• Savings

• Consumer Expenses

Which type of business ownership is described below? "A form of business organization with two or more owners who share the risks and the profits."

• corporation

• partnership

• proprietorship

Erin and Maria own a cupcake shop in their hometown. Erin is responsible for the creation of cupcakes. Maria is responsible for the management of the employees. Both individuals are responsible for the day-to-day operation of the business and share all of the risks and profits. Which type of business ownership is best described?

• Franchise

• Partnership

• Proprietorship

• Corporation

Which of the following terms BEST fits the person in this description? A person who takes a risk to produce and sell goods and/or provide a service in search of profit. He/she may establish a business according to any of the three types of business organization structures.

• Entrepreneur

• Chief Executive Officer

• Business Manager

• President

Tim is a baker who owns his own business, pays all the bills and gets to keep all of the profits.

• Corporation

• Partnership

• Proprietorship

The Coca Cola company must share profits with shareholders or investors.

• Corporation

• Partnership

• Proprietorship

What is demand?

• Amount of the incentive

• Amount of goods or services people are willing to buy

• Amount producers are willing to sell

• Amount an item costs

What is supply?

• Amount consumers are willing to buy

• Amount that determines what is purchased

• Amount an item costs

• Amount producers are willing to sell

McDonalds, Burger King, Taco Bell and Chick-fil-a are all located on the same street. Each business tries to make the best possible product with the best service to get more customers and keep them coming back. All of these businesses exemplify which of the following terms below?

• Private Property

• Advertisement

• Consumer Sovereignty

• Competition