Unit 8 - Economics (Part 1)

Which of the follwoing is not one of the 3 basic questions of economics?

Rivalry between producers and sellers of a good results in better quality at lower prices

A person who takes a risk to produce goods and services in hopes of gaining profit

T or F: In a mixed economy individuals and businesses have the right to own private property

A business owned by two or more people who share the risk and the profit.

Which of the following is a type of business?

What type of economy - central ownership of property, lack of consumer choice

The amount of goods or services consumers are willing to buy at a certain price..

The process of buying and using goods and services

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

Trees are an example of what type of resource?

The government makes the decision for what sector?

Innovations in _____ contribute to the flow of information and lower costs of production

A form of business organization w/ 2 or more owners who share the risks and the profits

What is given up when a choice is made, the highest valued alternative is forgone.

A form of business with one owner who takes all the risks and all the profits

Which of the following is a characteristic of the U.S. economy?

The amount of money exchanged for a good or service.

Which of the following is NOT a financial institution?

An individual who assumes risk, invests money, and starts a business

Individuals and businesses make the decisions for what sector?

A bulldozer is an example of what type of resources?

If a corporation fails, the owners' liability it their....

__________ consists of earnings after all expenses have been paid.

A discount is a form of

A form of business organization that acts as a legal entity regardless of the # of owners

The amount of a good or service consumers are willing and able to buy at a certain price.

What type of economy- individuals make decisions for private sector, govt for the public sector

In the US economy, what do consumers buy from businesses?

True or False: Markets are generally allowed to operate w/o undue interference from the govt.

Tax money paid by businesses and individuals is used to provide...

All of the following are types of resources EXCEPT -

What type of economy - decisions are based on custom and historical precedent

The inability to satisfy all wants at the same time

The interaction between supply and demand determines...

What type of economy - private ownership of property, competition, minimal govt. involvement.

The amount of a good or service producers are willing and able to sell at a certain price.

Consumers determine through purchases what goods and services will be produced

The combining of our four resources to make goods or provide services

What type of economy does the United States have?

True or False: Our govt. intervenes when the benefits of govt policy outweigh the costs.