Chapter 3 - Economic Decision Makers

Labor

________ is the most valuable resource that most households sell.

sole proprietorship

The ________, or single- owner company, is the most basic type of business structure.

Households

________ make a variety of decisions as buyers and sellers of products and services, including what to buy, how much to save, where to live, and where to work.

Partners

________ have more collective bargaining power and, as a result, find it simpler than sole proprietors to obtain the necessary cash to get the firm up and running.

term Not for profit organizations

The ________ refer to engaging in charitable, educational, humanitarian, cultural, professional, and other activities, often with a social purpose.

federal government

The ________ is largely on the personal income tax, while states are reliant on income and sales taxes, and municipalities are reliant on the property tax.

private markets

When ________ produce unfavorable outcomes, the government may step in to correct market failures.

Partners

________ have more collective bargaining power and, as a result, find it simpler than sole proprietors to obtain the necessary cash to get the firm up and running.

not for profit organization

The ________ refer to engaging in charitable, educational, humanitarian, cultural, professional, and other activities, often with a social purpose.

private markets

When ________ produce unfavorable outcomes, the government may step in to correct market failures.

Partnership

more sophisticated type of business in which two or more people agree to pool their finances and labor in exchange for a share of any profit or loss

Consumer cooperative

retail business owned and operated by some or all of its customers in order to reduce costs