Unit IX: Understanding Economics Review

Individuals having the opportunity to create a business and earn profits:

The amount of a product that producers are willing/able to offer at each possible price/time

Which scenario will the U.S. government intervene in the economy to fix?

A _ is a type of business recognized as a separate legal entity and is a permanent organization

_______________ is the combining of the four types of resources to create a good or a service.

Which word belongs where the 3 is?

All of these are reasons states and nations participate in the global economy except:

The resources of inventions, technological innovations, and any borrowed money are called:

This kind of economy has a private sector owned by individuals and a public sector owned by gov

Which word belongs where the 6 is?

The United States Economy, despite being mostly free market, is best described as a:

Consumers determining through purchases what goods and services will be produced:

The point where supply and demand meet, where there are a perfect number of buyers and sellers:

The inability to satisfy all wants at the same time because resources are limited is:

A small business owned by one person is a:

Rivalry of producers of products usually results in better-quality products at lower prices:

A business where costs, profits, and losses are shared between two or more people is a:

The right to buy and sell goods as you want is called a:

Businesses will produce more products when they can sell them at a high price according to the:

Which word belongs where the 2 is?

Which word belongs where the 5 is?

Buyers will demand more products when prices are low according to the:

Owners can run a business however they see fit because of the idea of:

Which word belongs where the 1 is?

An economic system in which the productive resources are owned by private citizens is called:

A person who organizes, manages, and assumes the risk of starting a business is an:

Manufactured goods, property, and money that help build goods and services are called:

Which word belongs where the 4 is?

This kind of economy has private ownership of all resources and little-to-no govt interference:

____________ are finite resources provided by the earth

Banks, credit unions, and other financial institutions:

Worldwide markets in which buying/selling of products by all people/nations/businesses happens

Individuals/businesses having the right to own real and personal property that is protected:

This kind of economy is based on historical precedent and customs:

The advancement in technology that has had the largest effect on the global economy is:

The amount of a product that consumers are willing and able to buy at different prices/times:

An opportunity cost is:

The amount of money for a product that is based on supply and demand:

The resources of people, including labor, skills, and knowledge are:

Using of goods and services is called :

A model that displays how households, businesses, and the government interact in a mixed economy:

This kind of economy has centralized ownership and planning of their resources: