Economy Review

The law of demand says that when product prices are:

What programs represent the largest percentage of our governments discretionary spending?

What is another name for the market system?

In this type of business all of the profits and decisions by one person

In what economic model does the government control all of the factors of production?

The two largest stock exchanges in the U.S. are the.....

Organizations that seek to improve wages and working conditions are commonly called…

Spending money on our military represents the greatest percentage of what kind of spending?

Refusing to purchase a product or to shop at a particular business is called a…

How is the market price determined?

What are the three basic factors of production?

Where does the U.S. federal deficit currently rest at?

One person might be responsible for the day to day operations while another is simply investor

Law firms and medical clinics are most often associated with what type of business system?

What is the economic condition called when the government spends more money than it brings in?

Nearly 2/3rds of our Federal Budget consists of what type of spending?

What type of business system is the most common in the U.S.?

This condition exists when resources are limited compared with the wants people have.

Benefit lost when resources are used for one purpose instead of another

What type of economic system exists in the United States?

What influences how a society makes the three basic economic decisions?

In this business, profits are given to shareholders in the form of dividends

The amount of a product producers are willing to offer at different prices is called?

The process by which representatives of unions and business leaders negotiate an agreement

An economic system that has very little change and dictated on decisions from the past

In what type of economic system a decisions made according to past customs?

This type of business is easiest to start, you only need an "idea" and capital.

Resources used to produce goods and services is referred to as

This type of business has the highest rate of failure

This type of business has the highest rate of success because it can raise the most capital?