When a Business Distributes Profits to Business Owners, These Profits

question 74

True/False

When a business distributes profits to business owners, these profits become household income and are removed from the circular flow of the economy.

Distinguish between capitalist and command (or socialist) economies in terms of property rights, decision-making, and economic coordination.

Learn the role of economic systems in resolving basic economic problems and their influence on the production possibilities.

Recognize that economic growth is reflected by an outward shift in the PPF and understand factors contributing to such growth.

Understand why the PPF is typically bowed-out due to the varying adaptability of resources in the production of different goods.

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Definitions:

Grand Larceny

A serious crime involving the theft of property or money above a certain value, exceeding the threshold that separates it from petty larceny.

Convicted

Found guilty of a crime in a court of law.

Felony

A serious crime, typically involving violence, regarded more severely than a misdemeanor, and punishable by imprisonment for more than one year or by death.

First-degree Felony

A classification of crime regarded as the most serious, carrying the harshest penalties, such as life imprisonment or death penalty in certain jurisdictions.