Economics Unit Review

Outcomes that are not the ones foreseen and intended by a purposeful action are ___.

The income people receive in return for supplying factors of production are called ___.

A tariff makes the foreign product less expensive in the U.S.

People may be part of a ___ force, which is necessary for businesses to work.

Economics teaches how ___ are used to produce goods and services.

People's own ___ motivates them to produce, in the hope of making a profit.

What is Produced: The community's customs and traditions determine what is produced.

Competition: There is no competition because the government is the only producer.

Without antitrust laws, there would be more small companies.

In a ___ market, producers provide ___ to the consumers.

In a ___ market, consumers provide ___ to the producers.

People who come up with ideas and provide the work for goods and services.

Competition leads to ___ (new ideas) and better prices.

People are free to ___ what to produce and what to consume.

The government protects competition by letting companies do whatever they want.

A person who purchases and uses goods and services is known as a ___.

In a command economy, the government owns the services.

The government's main role is to make sure the market is ___ and producers have a chance to ___

In a ___ market, consumers ___ good and services from producers.

Incentives: The need to survive motivates people to hunt, gather, or farm.

The ___ does not make rules about what and how much gets produced in a market economy.

The land, water, and air; they are not man made.

Who wrote "The Wealth of Nations" in 1776

In a ___ market, producers provide ___ to the consumers.

___ is the amount of money a business receives after paying expenses.

Which system is heavily influenced by habits, customs, and religious beliefs?

Private Property: The government owns the property.

What is Produced: Producers decide what to make based on consumer demand.

Factories, machines, and tools that are used to produce goods. They are man made.

___ is the value of the next best choice that one gives up when making a decision.

All of the following are needs EXCEPT

Competition: Producers don't compare because everyone works to meet the community's needs.

In a ___ market, consumers provide ___ to the producers.

Private Property: Most property is shared by the community.

A system to protect people experiencing unfavorable economic conditions is called ___.

In a mixed economy, the government does not interfere with business.

Buyers and sellers freely ___ goods and services on the open market.

The more companies merge together, the more competition there is.

Which is considered synonymous with either a communist economy, depending on gov't control?

The first anti-trust law was passed in 1914.

Producers ___ with each other by trying to produce things that will attract the most consumers.

Without tariffs, goods flow more freely between countries.

Without antitrust laws, there would be less competition between businesses.

The United States has a mixed economy.

The Federal Trade Commission doesn’t care whether companies merge together.

A tariff is a tax on goods from other countries.

The market forces of supply and demand determine what ___ will be.

Incentives: The government sets wages, so people aren't motivated by profit.

Private Property: Private individuals own the property.

Which is NOT one of the four factors of production?

The people that create goods and services are known as ___.

All are specific resources EXCEPT

Most Americans enjoy a ___ standard of living because of their free enterprise system.

In a ___ market, producers ___ goods and services to the consumers.

What type of economy does the United States have?

___ own and operate their own businesses.

Competition: Producers compete with each other to make profits from customers.

Which economic system has minimal government involvement in business transactions?

Which economic system is considered synonymous with a capitalistic economy?

Economics is the study of how a country uses its ___ to provide goods and services for people.