2019 Economics Review

What kind of resource is a worker?

Consumers determine through their purchases what goods and services will be produced.

Jack and Jill own an ice cream shop and split the profits. What type of business do they have?

Investing in the stock market is buying a piece of ownership of a company.

How would you describe the demand for lemonade on a hot day in July?

How could you lower the cost of producing a good?

What is the MAIN goal of a corporation, or any business?

The process of spreading ideas, products and other aspects of culture throughout the world is--

A company that controls all production and sales of a particular good or service is called a

In which economic system does the government answer the basic economic questions?

A company owned by many investors is called

When Mr. Tuttle bought a new bike, he was acting as a

How much consumers want a good is

How much producers are willing to sell at a certain price is known as

What kind of tax do people pay on the money they earn?

A federal agency, OSHA, inspects factories to make sure employees have safe equipment. What kind of system?

In which economic system do ONLY buyers + sellers make economic decisions?

The study of how individuals and societies make decisions about how to use scarce resources

The most valuable thing you give up when you make a choice

What kind of tax do people pay on their cars or houses?

What kind of tax does everyone have to pay, even if they don't have a job or own a home?

When there was a shortage of gasoline, the price went --

The flow of goods, services, and money among families, businesses and the government is called

What would happen to the demand for lemonade if the temperature dropped and it started to rain?

Rivalry between sellers of similar goods/services that leads to lower prices and better quality

John Rockefeller, Steve Jobs and Bill Gates can all be described as

What kind of resource is oil?