WorksheetsSSEMI1&SSEMI3
Total questions: 35
Worksheet time: 19mins
Susan, Phil, Robert, and Martina are all lawyers. After several years of working for big firms, they decide to pull their resources and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is a (a) .
You walk into an office and you see a secretary typing a letter, a person fixing a computer, and an advertising executive giving a presentation. This scene is MOST RELATED to the economic concept of (a) .
Households are (a)
In the circular flow model, the product market describes (a) .
Match the following markets with the types of goods or services primarily bought and sold in them.
product market
Market where consumption goods are bought and sold
financial market
Market where financial assets like stocks and bonds are traded
resource market
Market where factors of production such as labor and raw materials are bought and sold
government market
Market where government provides and purchases goods and services
Where are factors of production (land, labor, etc) exchanged in the circular flow model?
Factor Market
Product Market
Firms
Individuals
Where do factors of production (land, labor, etc) come from in the circular flow model?
Factor Market
Product Market
Firms
Individuals
Money exchanged between an individual and a store for a good or service.
Revenue
Wages
Rent
Donation
How do individuals contribute to the circular flow of economic activity? (SSEMI1)
Business purchase productive resources in product markets.
Individuals provide labor for factor markets and buy goods in product markets.
Individuals buy productive resources from factor markets and provide labor for products markets.
Businesses purchase productive resources in product markets.
In the picture of the CFM, what market do individuals sell their labor? (SSEMI1)
Product Market
Demand Market
Government Market
Factor Market
What is a major advantage of a business that is a partnership rather than a sole proprietorship? (SSEMI3)
The responsibility for the business is shared
The business is easy to set up
The partners are not responsible for business debts
The business is easy to sell
Advantages of this business type are that the owner is their own boss and gets to keep all the profits. (SSEMI3)
Partnership
Sole Proprietorship
Corporation
Franchise
Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. He should invest in a (a) . (SSEMI3)
Match each type of business ownership with the correct description.
One owner
A sole proprietorship has ___________ who manages the business and keeps all the profits.
No more than three owners
A business partnership can have ___________ sharing the risks and profits, but not exceeding this number.
Two or more owners
A business partnership has ___________ who share the risks and the profits.
Five or more owners
A large corporation may have ___________ or even more shareholders owning the business.
Which business type has the most sales in the USA? (SSEMI3)
Sole Proprietorship
Partnership
Corporation
In this market, one firm controls the market, there are very high barriers to entry, price makers, & there are no available substitutes
Perfect Competition
Oligopoly
Cartel
Monopoly
In this market, 2-24 firms control the market, products can be slightly differentiated, there are high barriers to entry, & lots of control over price. (SSEMI3)
Monopoly
Oligopoly
Perfect Competition
Cartel
