Economy Review

Organizations that seek to improve wages and working conditions are commonly called…

The process by which representatives of unions and business leaders negotiate an agreement

In what economic model does the government control all of the factors of production?

What type of economic system exists in the United States?

The law of demand says that when product prices are:

What is the economic condition called when the government spends more money than it brings in?

How is the market price determined?

This type of business has the highest rate of failure

Resources used to produce goods and services is referred to as

What is another name for the market system?

In this type of business all of the profits and decisions by one person

What type of business system is the most common in the U.S.?

One person might be responsible for the day to day operations while another is simply investor

Law firms and medical clinics are most often associated with what type of business system?

What influences how a society makes the three basic economic decisions?

In what type of economic system a decisions made according to past customs?

This condition exists when resources are limited compared with the wants people have.

What are the three basic factors of production?

What programs represent the largest percentage of our governments discretionary spending?

In this business, profits are given to shareholders in the form of dividends

Nearly 2/3rds of our Federal Budget consists of what type of spending?

Benefit lost when resources are used for one purpose instead of another

Refusing to purchase a product or to shop at a particular business is called a…

An economic system that has very little change and dictated on decisions from the past

The two largest stock exchanges in the U.S. are the.....

The amount of a product producers are willing to offer at different prices is called?

Where does the U.S. federal deficit currently rest at?

This type of business has the highest rate of success because it can raise the most capital?

This type of business is easiest to start, you only need an "idea" and capital.

Spending money on our military represents the greatest percentage of what kind of spending?