Economic Concepts & Business Review

What are the positive impacts of competition?

Businesses that sell stock, have limited liability, face heavy regulation, double taxation

How does the government benefit producers and consumers?

The most common business run by 1 person with unlimited liability

Decisions in a command economy are made by the 

What impact does efficiency and mass production have on price and profit?

An economic system where decisions are made by individuals AND government is called

Consumers and producers have freedom to buy and sell in a ___________ economic system

In free enterprise, the government protects property and encourages

The least common type of business

Labor Unions protect workers by negotiating for better

Laissez Faire economics means that the government plays a ________ role

If owners feel that workers' demands are unreasonable, they could impose a

Decisions in a market economy are made by 

Utility, low prices, high quality are all goals of __________

What do businesses contribute to households?

What do anti-trust laws accomplish?

Wages, employment, and benefits are goals of 

A businesses that controls the entire market is a(n)

Marx believed that social classes could be eliminated by a(n) ________ distribution of property

Profit, efficiency, growth are all goals of ___________

What type of job is best demonstrated by this clip?

If workers do not agree to contract terms and refuse to work

All markets in the circular flow model are considered

The invisible hand means prices in a market economy will be set by 

What term refers to management and employees negotiating the terms of their labor contract?

What do people contribute to the government?

Who gets the final say in what gets made in a free enterprise system?

What do consumers give to businesses?

When workers earn higher wages...

What method involves making all items exactly the same?