Econ Unit 1

Question 1

Alternative that must be given up when one choice is made rather than another.

Accepted Answer

Trade-Off

Question 2

Econ. in which privately owned businesses have the freedom to operate with little govt. interv.

Accepted Answer

Free Market Economy

Question 3

Something we would like to have but is not necessary for survival.

Accepted Answer

Wants

Question 4

Which of these is NOT a factor of production?

Accepted Answer

Specialization

Question 5

Business run by a single person.

Accepted Answer

Sole Proprietorship

Question 6

Economic system characterized by a central authority making most major economic decisions.

Accepted Answer

Command Economy

Question 7

Corporation producing and selling without regard to national boundaries.

Accepted Answer

Multinational Corporation

Question 8

Basic requirement for survival.

Accepted Answer

Needs

Question 9

Partnership where all partners are legally responsible for management of debts.

Accepted Answer

General Partnership

Question 10

Non-profit association performing some kind of economic activity for the benefit of its members

Accepted Answer

Cooperatives

Question 11

Natural resources or "gifts of nature" not created by human effort.

Accepted Answer

Land

Question 12

A business recognized as a separate legal entity for the purpose buying and selling goods/serv.

Accepted Answer

Corporation

Question 13

Firm with 4 or more businesses making unrelated products.

Accepted Answer

Conglomerate

Question 14

People with all their abilities and efforts/tasks you perform to make money.

Accepted Answer

Labor

Question 15

Partnership where one of the partners is not active in the daily running of the business.

Accepted Answer

Limited Partnership

Question 16

Tools, equipment, factories, etc... used in the production of goods and services.

Accepted Answer

Capital

Question 17

Diagram representing a maximum combination of goods an economy can produce with all resources.

Accepted Answer

Production Possibilities Frontier

Question 18

A risk taking individual in search of profits

Accepted Answer

Entrepreneur

Question 19

Economic system in which the allocation of resources is the result of ritual, habit, or custom.

Accepted Answer

Traditional Economy

Question 20

Cost of the next best alternative use of money, time, or resources when 1 choice is made.

Accepted Answer

Opportunity Cost

Question 21

Combination of firms involved in different steps of manufacturing or marketing.

Accepted Answer

Vertical Merger

Question 22

Non-profit organization of local businesses whose purpose is to promote their interests.

Accepted Answer

Chamber of Commerce

Question 23

Combination of 2 or more firms producing the same kind of product.

Accepted Answer

Horizontal Merger

Question 24

Organization that works for its members interest concerning pay, working conditions, & benefits

Accepted Answer

Labor Unions

Question 25

Fundamental economic problem facing all societies that results from scarce resources and wants.

Accepted Answer

Scarcity

Econ Unit 1

Questions 25

Econ Unit 1

Questions 25