American Free Market Economy Flashcards
1
Q
Proprietorship
A
Buisness structure with one owner (He takes all risks)
2
Q
Scarcity
A
Lack of resources
3
Q
Human Resources
A
People who provide labor
4
Q
Capital Resources
A
Things owned by the buisness. (Building, equipment or land.)
5
Q
Entreprenneurship Resources
A
People who takes risks to start a buisness in return for profit.
6
Q
Natural Resources
A
Nature items.
7
Q
Traditional Economy
A
Economic based on decisions made based on customs or tradition.
8
Q
Command Economy
A
Economic decision are made by the central organization.
9
Q
Supply and Demand
A
Supply is the amount of good/service that buisnesses are wiling to sell at a given price. Demand meaning how much they are willing to pay, while supply is the person that has the resources.
10
Q
partnership
A
Buisness structure with two or more owners.
