Basics of Economics Quiz

Which economic system means that the government has complete control over the economy?

A form of business that has shareholders share profits (and acts as a legal entity)...

If supply is low and demand is high, which of the following is true?

Definition: Combining human, natural, and capital resources.

What happens when businesses become competitive with one another?

Definition: Requires that choices be made because resources and goods are limited.

Which economy is based mostly in agriculture, base din customs, and can involve bartering?

In which economy do both private citizens and government have some control over business?

In which economy do people have the most freedom to decide their own business practices?

When customers have choice in the markets and impact decisions of businesses, it is called...

Definition: The amount of money exchanged for a good or service.

Coupons and discounts are examples of:

Decisions in the "public sector" are made by:

Definition: The alternative you give up when choosing to do one thing rather than another.

A type of business in which there is one owner to take all the risks and gain profit is: