8/7/2019 Economic Final Exam Review EXTRA CREDIT

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8/7/2019 Economic Final Exam Review EXTRA CREDIT

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22. 5 characteristics of capitalisma.  Economic freedom

 b.  Voluntary exchangec.  Profit motive

d.  Private property

e. 

Competition23. 3 benefits of competition.  Lower prices, better quality, more variety 24. Under the modified capitalism in the United States, the 3 roles of government

a.  Protector  b.  Provider 

c.  Regulator 

Chapter 25. Business that is business owned and operated by one person. S ole proprietorship 

26. Business that is owned and operated by two or more people. partnership 27. Business that is owned by stockholders. corporation 

28. Business and owners are legally separated so that owners aren¶t liable for debts of the business.  Limited liability 

29. Part of profit of business paid to stockholders. dividend  30. Hold annual business meetings and vote on certain things. stockholders 

31. See that the business is managed properly, declare stock dividends and appoints officers.

 Board of Directors 

32. Pays fixed dividends but owners can¶t vote unless dividends aren¶t paid.  P referred stock  33. Owners always get to vote and dividends are declared annually by Board of Directors.

C ommon stock  

Chapter 34.