Economics - Unit 1 Review

Which factor of production is pictured?

Which economic system provides an incredible variety of goods and services?

Which of the following behaviors can help prevent someone from making a purchase he/she will later regret?

When running a business, revenue minus expenses = ________________.

Which economic system is the slowest in its ability to change?

_________ is the fundamental problem of having unlimited wants in a world of limited resources.

What economic system existed under the man pictured?

Which type of economic system is the most common in the world today?

T-Mobile & Sprint, two companies that offered the same services, combined to create a huge company, an example of a:

Vocab. The driving force that encourages people & organizations to improve their material well-being

Which of the following is a synonym for 'stock'?

In the U.S., who is responsible for preserving competition and preventing monopolies from forming in the market?

Vocab. A government document that gives permission to create a corporation.

Which of the following is NOT one of the four roles of the government in the U.S. economy?

Which of the following statements is NOT true of the item in the photo?

True or False: In a market economy, monopolies are good for consumers

Vocabulary: A society's means of allocating goods to satisfy the 3 basic questions.

Which of the following is NOT an economic want?

Look at the image. Judging from the name , what type of business was this when it was originally started?

What economic system did the people in the photo most likely have?

What % of your grade are "Tests and Quizzes" worth this semester?

Which term does not accurately describe the company pictured?

Look at the photo. In which economic system is this most likely to exist?

What economic term is pictured?

Which of the following is NOT one of the characteristics of capitalism?