Econ Vocab #2

The global economy is the worldwide market in which buying and selling of goods and services by all nations take place.

What producers are willing and able to sell is called supply.

A business organization with ONE owner who takes all the risks and the profits is a -

Which is NOT a way the government pays for public goods and services?

Which is NOT one of the basic questions of economics?

Which is NOT an example of a private financial institution?

The government is the owner and decision maker for the public sector.

Opportunity cost means

Economic system based on custom and historic precedent. One performs the same type of work as ones parents/grandparents

Minimal government involvement in a __ economy ; Individual and consumer sovereignty determine what will be produced.

These determine the price of goods and services -

The combining of human, natural, capital, and entrepreneurship resources to make good and services is called -

Form of business organization that acts as a legal entity regardless of the number of owners who share the profits is a

What consumers are willing and able to buy is called demand.

Scarcity means

In a ___ economy, individuals and businesses are owned by central authority, usually the goverment (public sector).

There is a private and public sector in this economy. This is the U.S. economy.

Producers will use __ to get consumers to purchase goods and services.

Someone who MAKES a good or service to sell is a consumer?

A business organization with two or more owners who share the risks and profits is a -