Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/15

Click to flip

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