POB - Chapter 1 and 2 Review

Which of the following is an example of a public good?

When demand for a product becomes greater than the available supply a(n) _______ develops.

The market price for a product is determined at a point where ___________.

An action or task that can be performed, usually for a fee.

Which is NOT one of the main ways that a government monitors their economic health?

What is the central bank of the United States?

One business has complete control of a market’s entire supply of goods or services

A type of product that is intangible; customers for this product are often called clients.

Market structure: a large number of businesses selling the same product at the same prices

The difference between sales income earned and costs is _______

Something that a person must have in order to survive.

In a _________ economy, individuals are free to make their own economic decisions.

Which of the following is not one of the four functions of business?

The basic economic problem is consumers have limited $$$$ to meet an unlimited number of needs.

When a lower price is the main factor for customers to buy from one business over another.

The market value of all final products produced in a country during a specific period of time

What type of economy are most countries in the world (including the US)?

When supply of a product exceeds demand a ______ develops.

Which type of spending is not a component of gross domestic product (GDP)?

Which of the following represents ownership in a company?

The quantity of a product or service that consumers are willing to buy

The peak of a business cycle marks the ____

The value of the next best option that was not selected.

The government makes all of the decisions for its citizens in a ______ economy

Which of the following is not a role of government in an economy

Entrepreneurs take risks to start and run ____

The willingness and ability to start a new business is Entrepreneurship?

All the tools, machinery, and equipment that a country uses to produce other goods.

Laws that promote fair trade and competition are known as ______________ laws.

A general rise in prices throughout an economy is called ___

When two or more businesses agree to sell the same good or service at the same price

Which is not one of the four basic market structures.

Period of economic contraction that is severe and lasts a long time

Fiscal policy involves _____ decisions made by the government

Which approach would be best for a young business with an innovative new product?

Certificate of debt issued by a government or organization - returns principal plus interest

Tax and spending decisions made by the president and Congress are known as the monetary policy.

In the picture the blue line is a graph of ______

Science that examines how goods and services are produced, sold, and used.

Alternating periods of expansion and contraction in an economy

Which is not a market force that impacts business?