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Economics
Money earned from a savings account
An extra amount that cannot be sold
Economics
40 terms
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StudBud Administration
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Unit 1 and 2
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Answers
1
An extra amount that cannot be sold
surplus
profit
price
market price
2
Money earned from a savings account
dividend
income
interest
salary
3
What are taxes?
products sold to other countries
products sold in the US
money that people pay to the president of the US
money that people and business pay to the government
4
Payment made for the use of someone's property
salary
wage
rent
interest
5
Means there is a limited supply
scarce
natural resources
labor
capital
6
Price that satisfies consumer and producer
clearance price
sale price
market price
profit
7
____________ demand can be said to control supply and demand
consumer
producer
8
Who uses the goods or services made in a country?
producers
entrepreneurs
economics
consumers
9
Includes factories, trucks, tools and the money to buy these things
capital
labor
economics
free enterprise
10
Free deliveries and rebates offered are an example of
quality competition
advertising competition
price competition
service competition
11
Money that is left after all of the cost of production are paid
loss
market price
profit
surplus
12
In the market, ______ are set by trail and error system.
products
supply
Prices
labor
13
A market price is reached when supply _______ demand
equals
exceeds
14
The law of demand state that people buy more goods at a ________ price
lower
higher
15
An example of a need is _______________.
a house
going to the movies
Starbucks
a new cell phone
16
The __________ of most people are endless.
needs
luxuries
wants
skills
17
Trying to convince buyers that their product is better is an example of
advertising competition
service competition
quality competition
price competition
18
Scarce means______________
that there are not enough resources for the wants of people
there is enough resources for the wants of people
expensive things
being afraid
19
Police protection and education are __________ of an economic system.
wants
services
goods
labor system
20
What is an example of a natural resource?
money
houses
a doctor
forest
21
Which is not one of the 3 basic questions country must ask about the its natural resources
What shall be produced?
What are the goods and services to be produced?
For whom shall the goods and services be produced?
How shall goods and services be produced?
22
__________ is anything excepted as payment
money
consumer
labor force
economics
23
______________ is the woks human do.
salaries
labor
money
consumers
24
__________ is the study of how people's wants and needs are taken care of.
Economics
Counsumers
Resources
Government
25
People who own their own business are called _______________.
consumers
crazy
rich
entrepreneurs
26
When a business lowers its prices to increase sales
quality competition
price competition
advertising competition
service competition
27
Money left after the cost of running a business is paid
dividend
interest
profit
rent
28
An example of local markets are
International market
supermarket or department store
stock market
29
People who buy and use goods and services
consumers
market price
profit
producers
30
Who makes goods or services for people to use?
producer
consumer
the factory
entrepreneurs
31
Competition among several businesses always benefits the
prifits
consumer
producer
research
32
Consumers _____pay high prices for popular products.
will not
will
33
Is an economic system where a feudal lord is in charge of the people
free enterprise
mercantilism
economics
feudalism
34
A business owned by more than one person
income
partnership
stockholders
entrepreneurs
35
Most Americans enjoy a ________ standard of living because of free enterprise system
high
labor
low
producer
36
Higher ________ are paid to highly skilled workers.
profits
salaries
labor
training
37
In a system of ______________ the individual has the right to make choices.
mercantilism
free enterprise
38
Capital is__________
Sacramento
a doctor
items needed for production
crude oil
39
Competition will take place among businesses and will help lower
quality
prices
interest
profit
40
This is paid by the week, month, year
wages
salary
income
interest
