Economics Test Chapter 1 and 2

This statement was false, why?

The majority of ppl may buy goods but the minority must buy goods.

Free enterprise guarantee economic success

In a true free-enterprise economy, businesses will be willing to produce ___________.

Any good that is owned by ___________ is a public property.

Free enterprise economy believe that ____should undertake the role of enforcing contracts

You had a total revenue of $ 700 and a total cost of $300, you would be operating at

The previous statement was false, why?

Entrepreneurs are people with special talents.

What would be an example of a tangible thing?

In a free-enterprise economy, _____________ decide how the goods will be produced.

Households provide resources to businesses. What is considered as a household resource?

True or false:

When total revenue is ____________ total cost, there is a profit.

Without ____ free-enterprise would be crippled because people wouldnt be willing to take a risk

Scarcity implies that ______________ have to be made.

The United States is mixed economy because ______.

The problem of _______________ is a basic fact of life for people everywhere.

This statement: free enterprise guarantee economic success was false, why?

Economists believe that nearly everything we do has _______________.

The link between resources and profit or loss is________________.

Another name for a free market is free enterprise.

5 major features of free enterprise are private property choice competition economic incentives

In a free-enterprise economy, goods are produced for individuals who are __________to buy them.

Which would not be an example of capitol?

In a free-enterprise system, competition benefits ______________.

What is not a characteristic of an ethical economic system?

What is not a question that economist ask when looking at economic systems?