Unit 7 Civics/Econ Review

How does the government benefit producers and consumers?

What process of creating several small jobs is demonstrated in this clip?

Labor Unions protect workers by negotiating for better

What method involves making all items exactly the same?

The most common business run by 1 person (entrepreneur) with unlimited liability

Laissez Faire economics means that the government plays a ________ role, allowing more freedom

What impact does efficiency and mass production have on price and profit?

What term refers to management and employees negotiating the terms of their labor contract?

What do consumers give to businesses?

Consumers and producers have freedom to buy and sell in a ___________ economic system

Businesses that sell stock, have limited liability, face heavy regulation, double taxation

Decisions in a command economy are made by the 

If workers do not agree to contract terms and refuse to work

What type of merger is best reflected in the image?

A businesses that controls the entire market is a(n)

Marx = __________ economy; Smith = ________________ economy

Adam Smith believed people would be motivated to work because of ownership of

The invisible hand means prices in a market economy will be set by 

How can the government protect intellectual property?

What do anti-trust laws accomplish?

What are the positive impacts of competition?

Utility, low prices, high quality are all goals of __________

In free enterprise, the government protects property and encourages

The least common type of business (run by 2 people who face unlimited liability)

If owners feel that workers' demands are unreasonable, they could impose a

How do mergers impact competition?

Wages, employment, and benefits are goals of 

What method of efficiency is best demonstrated in this clip?

What type of job is best demonstrated by this clip?

What do businesses contribute to households?

Method of efficiency that assigns workers to the job they do best.

All markets in the circular flow model are considered

Marx believed that working class could be eliminated by a(n) ________ distribution of property

Who gets the final say in what gets made in a free enterprise system?

What do people contribute to the government?

Profit, efficiency, growth are all goals of ___________

Decisions in a market economy are made by 

An economic system where decisions are made by individuals AND government is called

When workers earn higher wages...