Unit 4 Economic Foundations

A business that schedules its hours to better meet consumer needs is providing place utility.

Price increase = demand decrease.  Price decrease = demand increase. This is known as _

Which of the following countries is the best example of a Controlled or Command Economy?

Credit cards increase __ by making products more attainable for some customers.

What is another name for the point where supply and demand curves meet?

This is the rivalry between two or more businesses.

This is the individual who takes the risk with time and money of owning and operating a busines

This is a period of economic slowdown.

The quantity of a product consumers are willing and able to buy at a given price:

The low point of a recession just before recovery begins:

This is the welfare or state of being of the whole planet or between several countries.

The basic economic problem is:

This is a measure of the goods/services produced using labor and property located in a country.

The quantity of a product that producers are willing and able to produce at a given price:

The high point of an economic recovery:

Economic utility is the amount of __ a consumer receives from the consumption of a product

A well-located drive-through window adds value to a bank's services by providing:

A government ban against the shipment of certain products to a particular country 

This is a period of renewed economic growth following a recession or depression.

These resources such as money, tools, and equip needed for production of products or services 

McDonald’s is open 24 hours a day. This illustrates time utility.

This refers to rising prices. A low rate (1-5 percent) shows that an economy is stable.

These resources are employees of the business

Which of the following is NOT a characteristic of Private/Free Enterprise?

These are resources in their natural state such as oil, natural gas, coal, trees

This type of demand occurs when the demand for a product is NOT affected by changes in price.

All economies are really mixed economies because all have some degree of government involvement

This is the difference between the amount of a country's imports and exports.

Private Enterprise, also referred to as Free Enterprise, is also known as:

Which form of government is most closely associated with Private/Free Enterprise?

This is a period of prolonged and deep recession. 

When demand exceeds supply, this will occur:

This measures the change in price of some 400 retail goods and services 

Packaging milk in smaller containers to meet the demand of people living alone is an example of

This occurs when nations become connected through freely moving imports and exports.

This country is the largest trading partner of the United States in natural resources.

This is created when ownership of a good/service is transferred from one person to another

This is a period of economic growth and expansion. 

The combination of unlimited needs and wants with limited resources results in:

The largest consumer of goods and services in the United States is:

This is the measure of output per worker hour:

This system is based on decisions by businesses/consumers with limited government regulation.

In a Controlled or Command Economy, the _____________ answers the three economic questions.

This situation occurs when supply exceeds demand:

This person wrote a book called The Wealth of Nations in 1776 that advocated Capitalism:

This term refers to the constant changes and ups and downs in economic growth:

Which needs are satisfied and how resources are distributed in a country depends on:

This utility is created when a product or service is available when it is needed by consumers

The questions of what to produce, how to produce, and for whom to produce are referred to as:

Which of the following best describes the role of the government in a Free Enterprise economy?

Form utility results from changes in the tangible parts of a product or service.