What is the role of business in providing goods and services?

Business buys resources needed to produce the goods&services

Which factor of the household production function is the MOST difficult to measure?

time & effort that are invested in household labor

What is the MAIN reason people's labor is important to businesses?

The labor creates goods & services the business can sell

What do banks do with most of the money they receive in deposits from customers?

They loan it out to other customers.

Aubrie is running a lemonade stand. Based on the table, why was the price highest on Thursday?

The temperature was the hottest so the demand was greatest

What is the government's role in taxation?

The gov. establishes & collects taxes for gov. projects

What major advantage of keeping money in a savings account?

It can earn you extra money in interest.

Which of these is a function of banks in the United States?

providing checking and savings accounts to customers

What do consumers and producers want in product prices?

Consumers want lower prices & producers want higher prices

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Unit 5-SS5E2 Four major sectors in economy, SS5E3 Consumers & Producers in economy

18 termsStudBud Administration715 plays

SS5E2 Functions of four major sectors in the U. S. economy, SS5E3 How consumers and producers interact in the U. S. economy

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Questions 18

Answers

1
What is the role of business in providing goods and services?
Sell the resources to people who make the goods & services
They write the rules and regulations to influence markets
The role is to make sure markets function freely
Business buys resources needed to produce the goods&services
2
Which factor of the household production function is the MOST difficult to measure?
goods that are consumed by household members
money that is invested in household commodities
materials that are transformed into goods
time & effort that are invested in household labor
3
What is the MAIN reason people's labor is important to businesses?
Businesses don't want good workers to join other companies
The labor creates goods & services the business can sell
Businesses believe that hiring more people is good
People with special skills can help guide business leaders
4
What is a public good and service?
Goods and items paid for by tax money
Things that all people have a right to use
Neither answer above
Both answers above
5
What do banks do with most of the money they receive in deposits from customers?
They send it to the Federal Reserve in Washington, D.C.
They keep it in a locked, secured vault in the bank.
They spend it on new banks in other places.
They loan it out to other customers.
6
Aubrie is running a lemonade stand. Based on the table, why was the price highest on Thursday?
The temperature was the hottest so the demand was greatest
Her previous success qualified her to sell at a higher price
The price was increased so the lemonade seemed more valuable
Her supplies were scarce so she had to charge more
7
What is the government's role in taxation?
The gov. collects the taxes that are set by private business
The gov. studies the taxes that are proposed by universities
The gov. has no role in taxation
The gov. establishes & collects taxes for gov. projects
8
Which of these should be placed in the area marked "X"?
government
investments
businesses
income
9
What term is a synonym for the word "entrepreneur"?
business owner
student
employee
home owner
10
What things have a direct impact on the buying habits of consumers?
The price of a service
The availability of a product
All of the above
The number of producers of a good
11
What major advantage of keeping money in a savings account?
It can never be spent.
It is more convenient than keeping it a home.
It can earn you extra money in interest.
It cannot be used until it has been there for over 1 year.
12
How do you know someone is an entrepreneur?
They own their own house
They like to eat sandwiches
They have bills to pay
They decide to open a business
13
What is the money that people earn for their labor called?
price
taxes
monetary policy
income
14
What is the role of business in markets?
to meet the needs of the poorest members of society
to provide goods and services
to maintain order and the free flow of resources
to eliminate scarcity
15
What is an example of a public good or service?
national parks
space satellites
amusement parks
ocean liners
16
Which of these is a function of banks in the United States?
making rules for the national economy
providing checking and savings accounts to customers
printing money for Americans to spend
building homes and factories to employ people
17
What do consumers and producers want in product prices?
Consumers want lower prices & producers want lower prices
Consumers want lower prices & producers want higher prices
Consumers want higher prices & producers want higher prices
Consumers want higher prices & producers want lower prices
18
If someone makes the most units a day in a factory what method of payment would be best?
payment per hour
regular salary
payment per unit
loan payments

Unit 5-SS5E2 Four major sectors in economy, SS5E3 Consumers & Producers in economy Flashcards | StudBud