Civics/Economics Chapter 13-14

Which type of business has the most risk for its owner?

Which is not something that labor unions are concerned about improving?

private individuals make their own decisions about production, distribution, & consumption 

make their own decisions on how to save resources as capital & used to produce goods & services

It is true for all economies that people 

Which was the primary cause of the rise of labor unions? 

Which type of business can produce goods & services most efficiently? 

What set the stage for the modern labor movement?

Someone who has a new idea & raises money to start a business is called a(n)

Which is not an example of a service-oriented business? 

Which payment do businesses exchange for factors of production? 

when resources are always limited compared with the number & variety of wants people have 

An advantage of a sole proprietorship is that the owner

resources for producing goods & services to satisfy people's wants

process by which goods & services are made available to the people who want them 

How has technology affected the economy of the united states? 

Which statement is true? 

how much

the government or a central authority makes basic economic decisions 

Produce goods & services, labor, land, & capital combine in a 

the buying or using of goods & services

Buying more of a product because the price is low demonstrates 

an economy in which basic decisions are made according to custom

the practical application of science to commerce or industry 

Why is labor different from other factors of production?

The American economy is based on a circular flow of 

an economy that's a combination of three basic systems 

anything produced in an economy that's used to produce other goods & services

Someone decides the cost of taking a job is greater than its benefits the decision was based on

Three basic factors of production are

Which is considered capital when used to produce goods & services? 

use your money to help a business get started 

The government usually owns important parts of the economy in a 

benefit given up when scarce resources are used for one purpose instead of another 

individuals market economy free to undertake economic activities with little or no gov. control