Unit 7 Review 1

If supply is low and demand is high, the price of an item will be —

What is money a business has left over after all expenses have been paid?

When supply is high and demand is low, the price of an item will be

What is it called when you can’t get everything you want when you want it?

Some of the profits a business makes are often used to buy more

All of the following are characteristics of a command economy EXCEPT

In the U.S., what does the govt collect from consumers in order to pay for public services?

Which amendment allows the government to tax businesses and incomes?

Eli wants to buy a car. What do you call the amount of money he will have to pay for the car?

Which reason best explains why the Federal Reserve will lower interest rates?