Duplicate of Civics/Economics Chapter 13-14

Question 1

make their own decisions on how to save resources as capital & used to produce goods & services

Accepted Answer

capitalism

Question 2

How has technology affected the economy of the united states?

Accepted Answer

has reduced production costs

Question 3

It is true for all economies that people

Accepted Answer

make choices about wants

Question 4

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

Accepted Answer

scarcity

Question 5

benefit given up when scarce resources are used for one purpose instead of another

Accepted Answer

opportunity cost

Question 6

process by which goods & services are made available to the people who want them

Accepted Answer

distribution

Question 7

What set the stage for the modern labor movement?

Accepted Answer

Wagnor Act & start of the CIO

Question 8

An advantage of a sole proprietorship is that the owner

Accepted Answer

keeps all profits

Question 9

Which is not an example of a service-oriented business?

Accepted Answer

automobile manufacturer

Question 10

Someone decides the cost of taking a job is greater than its benefits the decision was based on

Accepted Answer

opportunity cost

Question 11

the practical application of science to commerce or industry

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technology

Question 12

Produce goods & services, labor, land, & capital combine in a

Accepted Answer

production process

Question 13

Which statement is true?

Accepted Answer

Many wants may occur over & over again

Question 14

use your money to help a business get started

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invest

Question 15

how much

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quantity

Question 16

an economy in which basic decisions are made according to custom

Accepted Answer

traditional economy

Question 17

anything produced in an economy that's used to produce other goods & services

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capital

Question 18

The government usually owns important parts of the economy in a

Accepted Answer

command economy

Question 19

Someone who has a new idea & raises money to start a business is called a(n)

Accepted Answer

entrepreneur

Question 20

Which payment do businesses exchange for factors of production?

Accepted Answer

all of the above

Question 21

resources for producing goods & services to satisfy people's wants

Accepted Answer

factors of production

Question 22

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

Accepted Answer

rent for the use of land

Question 23

Which was the primary cause of the rise of labor unions?

Accepted Answer

Workers had little power over wages & working conditions

Question 24

an economy that's a combination of three basic systems

Accepted Answer

mixed economy

Question 25

private individuals make their own decisions about production, distribution, & consumption

Accepted Answer

market economy

Question 26

the buying or using of goods & services

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consumption

Question 27

Which is considered capital when used to produce goods & services?

Accepted Answer

machines

Question 28

Three basic factors of production are

Accepted Answer

labor, land capital

Question 29

Why is labor different from other factors of production?

Accepted Answer

Workers care about wages & working conditions

Question 30

Buying more of a product because the price is low demonstrates

Accepted Answer

the law of demand

Question 31

individuals market economy free to undertake economic activities with little or no gov. control

Accepted Answer

free enterprise

Question 32

The American economy is based on a circular flow of

Accepted Answer

land, labor, capital, & money

Question 33

the government or a central authority makes basic economic decisions

Accepted Answer

command economy

Question 34

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

Accepted Answer

sole proprietorships

Question 35

Which type of business can produce goods & services most efficiently?

Accepted Answer

large corporations

Duplicate of Civics/Economics Chapter 13-14

Questions 35

Duplicate of Civics/Economics Chapter 13-14

Questions 35