Econ chapters 1, 2 & 3 Review

Discussion: Why is the entrepreneur important in a free enterprise economy?

Land, labor, entrepreneurship, and capital are ________.

The _______ of a CD player can be expressed in dollars and cents.

The ________ of going to a football game instead of working would include the money not earned at your job.

organization of workers formed to represent its members interest in various employment matters.

A society organized way of providing for its peoples wants and needs _______.

The situation in which the money one receives does not increase even though prices go up __________.

A system in which the factors of production are owned by private citizens _______.

_______ arises because society dose not have enough resources to produce all the things people would like to have.

________ is the sum of the skills, abilities, health, and motivation of people.

Economic products designed to satisfy people's wants and needs are called ________.

total sales for the period minus expenses (including taxes).

The driving force that encourages people to improve their material well-being ____.

at least one partner is not active in the daily running of the business.

a report showing a business’s sales, expenses, and profits for a certain period-to illustrate the process.

Haircuts, repairs to home appliances, and entertainment are examples of_________.

Consumer Sovereignty is the idea that people rule the market

A rise in the general level of prices ________.

Discussion: Identify the cause of Scarcity

The right and privilege to control ones own possession _________.

People who use goods and services to satisfy their wants and needs are called________.

the owner is personally and fully responsible for all losses and debts of the business.

An economic system in which a central authority makes economic decisions _____.

form of business org. recognized by law as a separate legal entity having all the rights of an individual.

Discussion: Describe one main strength and weakness of a traditional economy.

The act of buyers and sellers freely conducting business in market ________.

Discussiuon: Explain how consumers influence a market economy.

An economic system in which habit and customs dictate most economic and social behavior _________.

Discussion: List the three basic economic questions each society must face.

a business jointly owned by two or more persons.

most common form of business organizations in United States.

Discussion: Identify the weaknesses of a partnership.

Discussion: Explain the strengths of a sole proprietorship.