BA101- CHAPTER2

In a ________, companies can decide what to produce, how to produce, whom to sell to, and at what price to sell.

Microeconomics is the study of ________.

When a government takes control of a company or industry, it changes the shape of the entire economy through ________.

Which of the following creates competition for finite resources, and forces trade-offs by participants in the economy?

________ is lead by innovation, initiative, and the willingness to take the risks in creating and operating businesses.