Term
| What is "the inability to satisfy all wants and needs at the same time"? |
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Definition
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Term
| What is "factors of production that are used in production of goods or services"? |
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Definition
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Term
| What is "selecting an item from a set of possible alternatives"? |
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Definition
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Term
| What is "something given up when a choice is made"? |
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Definition
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Term
| What is "the amount of money echanged for a common good or service"? |
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Definition
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Term
| what is "things that incite or motivate a customer to purchase a good or service"? |
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Definition
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Term
| what is "interation of this determines price"? |
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Definition
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Term
| what is "combining of resources to make goods or provide services"? |
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Definition
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Term
| what is "the using of a common good or service"? |
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Definition
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Term
| What is a proprietorship? |
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Definition
| a business that includes one entrepreneur, where the owner takes all risk but also keeps all profit |
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Term
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Definition
| A business where 2 or more owners are in charge, they share all risks and share all profits. |
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Term
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Definition
| a business with an infinite number of owners. They share profit with their investors but also take all risks with their investors. |
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Term
| What are two advantages to owning a proprietorship? |
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Definition
| take all profit, and has all control of the business |
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Term
| What are two disadvantages to owning a proprietorship? |
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Definition
| take all risks, comes up with all of the money used to start up the new business by themselves. |
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Term
| What are two advantages to owning a partnership? |
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Definition
share risks, don't pay as much
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Term
| What are two disadvantages to owning a partnership? |
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Definition
| share all profits, not as many choices made by one person |
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Term
| What are two advantages to owning a corporation? |
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Definition
| limit how much is put in, risk is limited to investment |
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Term
| What is owner liability limited to within a corporation? |
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Definition
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Term
| Which of the three types of businesses is the most difficult to start? |
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Definition
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Term
| According to Economic Flow, what are individual and business savings used for? |
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Definition
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Term
| According to Economic Flow, who owns the resources used in production? |
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Definition
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Term
| According to Economic Flow, when individuals sell resources, what do they use the income to purchase? |
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Definition
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Term
| According to Economic Flow, who buys resources? |
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Definition
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Term
| According to Economic Flow, what does the government use tax revenue to provide? |
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Definition
public goods and services
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Term
| Private ownership of property/resources |
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Definition
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Term
| Central ownership of property/resources |
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Definition
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Term
| Individuals and businesses as decision makers for the private sector |
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Definition
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Term
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Definition
Markets are allowed to operate without undue interference from the government.
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Term
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Definition
| Individuals and businesses have the right to own personal property as well as the means of production without undue interference from the government. |
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