Unit 4 Economics Review

This type of economy is defined as the government ownership of all resources and property...

The amount of money a business has left over after paying all of the bills is called profit.

The amount of goods and services that producers are willing to offer for sale at a given price.

When plotted on a graph, the inverse relationship between supply and demand shows the ....

There are 4 types of resources. Which one is another name for money?

A credit card uses money you already have in the bank.

This type of economy has almost no government involvement, and increases choice with a motive for profit.

This is the type of economy found in the U.S., and it is the most common found in the world.

In a mixed economy, the government runs the public sector, and individuals and businesses run the private sector.

Technology lowers the cost of production.

Using resources to create goods and services is called....

Salespeople, managers, and cashiers are examples of what kind of resource?

This type of business has many owners called stockholders who have limited liability.

A form of business with one owner who takes all the risks, but enjoys all the profits.

This type of business is owned by two or more people who share both the risks and rewards and have unlimited liability.

What are the three basic economic questions?

Scarcity is the inability to satisfy all wants at the same time.

What is another name for the USE of goods and services?

In which of these economies are you most likely to do what your parents and grandparents did for a living?