Micro-Economics

When the government protects a new idea or product.

Which is NOT a factor of production? 

Which of the following include the basic factors of production?

The economic problem that states that society lacks resources to fulfill all human wants/needs

Based on the scenario, what affect would this have on the price of illegal drugs from Mexico?

According to the Law of Supply if price goes up then what will be the effect? 

When several corp. in the same type of business combine to limit competition & regulate prices

A newly discovered tribe in the Amazon is likely to have what type of an economy?

A business owner could  _________ the price of snow shovels in the winter as a result of demand

Private individuals & companies find products to make & what prices to charge for goods/service

What U.S. government agency monitors the U.S. stock market? 

A business organization owned by 2 or more individuals sharing business resources is known as a

Individuals can start & run their own businesses, move jobs, & choose what goods/services. 

Which of the following is an example of government involvement in the free enterprise system?

A single business is a ____ if it has achieved exclusive control over a product or service.

___________ are willing to take the initiative and assume risks when starting new businesses

The U.S. government wants less drugs so it places more troops on the borders. The effect is...

Private enterprise & government coexist in American economic life and system is called a

When you own a public stocks you are owner in which type of company?

Which is NOT a type of business we covered?