Economics

An economy that is a combination of the three basic systems

a person who starts a business

when resources are always limited compared with the number and variety of wants people have

Which of the following is an example of scarcity?

Which Economic decision might a farmer make?

Someone who has a new idea and raises money to start a business is called_______.

Competition and profit seeking play a large role in ___________.

an economy in which basic decisions are made according to custom

The three main factors of production are_______?

The government usually owns the important parts of the economy in a____________.

An agreement about wages and working conditions is part of a process called__________.

The market price is determined by ____________.

Corporations sell stocks in order to______________.

Which of the following is not an example of how businesses are owned in our economy?

What is the first major decision in an economy?

The law of demand says that when prices are______________.

Which of the following is an example of free enterprise?

the buying or using of goods and services.

Which is NOT something that labor unions are concerned about improving?

Which of the following is an important feature of capitalism?

Limited resources compared to people’s wants is known as___________.

Our free market economy depends on the circular flow of______________.

What payment do producers pay for the use of labor?

differences between what it costs to produce something and the price the buyer pays

Entrepreneurs are motivated to start businesses in order to ______________.

Which type of business has the most risk for its owner?

What is the second major decision in an economy?