Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
Consumer Sovereignty
|
the authority of consumers to determine what is produced through their purchases of goods and services
|
|
Private Sector
|
households, businesses, and th iternational sector
|
|
Public Sector
|
the government
|
|
Household
|
one or more persons who occupy a unit of housing
|
|
Consumption
|
household spending
|
|
Business
|
a business organization controlled by a single management
|
|
Sole Proprietorship
|
a business owned by one person, who receives all the profits and is responsible for all the debts incurred by the business
|
|
Partnership
|
a business with two or more owners who share the firm's profits and losses
|
|
Corporation
|
a legal entity owned by shareholdes whose liability for the firm's losses is limited to the value of the stock they own
|
|
Multinational business
|
a firm that owns and operates producing units in foreign counries
|
|
Investment
|
spending on capital goods to be used in producing goods and services
|
|
Imports / Exports
|
products that a country buys from other countries
products that a country sells to other countries |
|
trade surplus/ trade deficit
|
the situation that exists when imports are less than exports
the situation that exists when imports exceed exports |
|
net exports
|
the difference between the value of exports and the value of imports
|
|
financial intermediaries
circular flow-diagram |
institutions that accept deposits from savers and make loans to borrowers
a model showing the flow of output and income from one sector of the economy to another |