Civics/Economics Chapter 13-14

how much

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

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

The government usually owns important parts of the economy in a 

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

an economy in which basic decisions are made according to custom

use your money to help a business get started 

an economy that's a combination of three basic systems 

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

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

It is true for all economies that people 

the practical application of science to commerce or industry 

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

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

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

What set the stage for the modern labor movement?

Why is labor different from other factors of production?

Which payment do businesses exchange for factors of production? 

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

Three basic factors of production are

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

the buying or using of goods & services

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

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

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

Buying more of a product because the price is low demonstrates 

An advantage of a sole proprietorship is that the owner

the government or a central authority makes basic economic decisions 

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

Which statement is true? 

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

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

How has technology affected the economy of the united states? 

The American economy is based on a circular flow of 

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