Sole Proprietor - Owned and managed by 1 person, Partnership - Joint ownership by 2 or more people, Corporation - Recognized as a legal entity with all the rights and responsibilities of an individual, Franchise - A contract between a company and a business to use its name and sell its products in exchange for a fee and maybe share of the profits, Merger - The combining of two or more companies into one, Command System - Government makes most of the decisions. Security and equality are primary goals. Economy for communism., Market System - Decisions are made by individuals and businesses. Freedom and efficiency are the goals. Usually called capitalism., Traditional System - Primarily underdeveloped countries with agriculturalbased economies. Stability and security are highest goals, Mixed System - Mix of multiple systems. US is mixture of command and market., Exchange Rate - The price, or value, of one country's currency compared to another country's currency., Strong Dollar - Gaining value compared to foreign countries, Weak Dollar - Losing value compared to foreign countries, Recession - Period of temporary overall economic decline for a country, Depression - A sustained, long-term and severe downturn in economic activity that lasts two or more years, Recovery - Period after depression or recession when economy expands and business activity has increased, signaling overall growth, Prosperity - Time of economic growth and expansion for the country, Brand Advertising - Remember a brand rather than a specific product, Informative Advertising - Teaches you about a product/service (can be positive or negative), Persuasive Advertising - Emotional appeal, Fixed Costs - Remain the smae regardless of the amount produced, Variable Costs - Changes as the level of production changes, Monopoly - A strong demand, no substitutes, and difficult for new companies, Oligopoly - Products may be similar or differentiated, only a few sellers with a pricing decision by one company influencing the others, Monopolistic Competition - Large number of small firms with some substitutes, Pure Competition - Many sellers, identical products or close substitutes, Supply - Amount of a good or service that a business is willing to provide at a given price, Demand - Amount of a good or service that consumers are willing and able to buy at a given price,

Brandon Tran Pd. 4 Economics Vocab Review

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