Unit 6 Review

What is an example of capital?

Private individuals own the factors of production in a

People who provide goods and services are

Which of the following is an example of land?

Which of the following is a fixed cost of a book maker (mark all that apply):

The government makes most important economic decisions in a

The loss of four years of income resulting from the decision to go to college is the

Name an example of labor

The law of supply states that when prices are high, more products are made.

The demand for an item will increase if

The law of supply states that when prices are high, less products are made.

If the fixed costs of producing a product are $2,000 and variable costs are $750, what are the total costs?

Something that can be used to make products is

The law of demand states that when prices are high, less products are made.

When you buy more of a product because the price is low, you are demonstrating the law of:

People have the freedom to choose from a variety of products in a:

The extra income that comes from selling one additional unit of product is

The amount of a product consumers are willing and able to purchase is:

Most mixed market economies have features of:

Why do entrepreneurs start a business?

What is the first basic economic questions?

Market Price is determined by:

What is the basic economic problem?

The law of demand states that when prices are high, less people will buy the product.

If 30 bottles of soda are sold for $1.50 each, what is the total revenue?