Basics of Economics

A worker in a restaurant is an example of what type of resource?

Type of business structure with only one owner; risk is NOT shared.

While the US is technically a mixed economy, most of its characteristics come from which type?

When people use goods/services, this is called __________.

Combining resources to make goods or provide services is called _________________.

Technological innovations have changed the global economy by decreasing the _______________.

Selecting an item or action from a set of alternatives is called __________.

Corporations are characterized by being low risk (compared to proprietorship and partnership)

The point where supply and demand meet is called the __________ price.

What do savers earn over time when they deposit money into their accounts?

The things you can not buy as a result of spending your money is called __________.

Individuals and businesses have the right to own the means of production. Which market characteristic is this?

When consumers determine through their purchases what goods and services are made, this is called __________.

If a producer knows they can sell something at a high price, they are likely to produce more. This is the law of _____.

What will be produced? Who will produce it?For whom will it be produced?These are the three basic questions of ________.

Virginia and the U.S. __________ in the production of certain goods and services, which promotes efficiency and growth.

Worldwide markets in which the buying and selling of goods and services by nations takes place is the definition of ___?

What happens to price when demand is high, but supply is low?

Type of economy with minimal government involvement (No Regulation)

Price is set by the interaction between __________ and __________.

What happens to price when demand is low, but supply is high?

Rivalry between producers of goods/services, usually resulting in better quality goods at lower prices.

Earnings after all expenses have been paid is the definition of what term?

The type of business structure that has two or more owners, and risk is shared.

The definition of __________ is: the amount of a good or service that consumers want to buy.

Entrepeneurship increases competition by introducing new goods/services to the market.

Which type of economy is driven by customs and history? (Culture Impacting)

The number one goal/motivator in a market economy is __________.

Which type of economy is centrally planned (controlled) by the government?

Police, fire, and rescue are public services. According to the circular flow of economics, who provides these?

Type of economy where individuals and businesses share ownership of the economy with the government (Some regulation)

What do individuals (households) do with the income they receive from selling the resources they own?

The Soviet Union was what type of economy?

The inability to satisfy all your wants at the same time is called ____________.

The purpose of private __________ __________ is to help facilitate the exchange of money between savers and borrowers.

Type of business structure run by a board of trustees.