Supply/Demand
The Law of Supply is about...
Consumers or Businesses
Businesses
The factors of production flow from households, through the Factor Market to...
businesses
Points inside the PPC Curve are...
inefficient, at maximum efficiency, impossible
ineficient
Janice is the only owner of her nail salon. What type of business does she own?
sole proprietorship, partnership, corporation
sole proprietorship
What do we call the study of how people make choices about their wants and needs?
Economics
The Law of Demand is about...
Consumers or Businesses
Consumers
In which market would a consumer buy a car?
Product Market or Factor Market
Product Market
Points on the PPC Curve are...
inefficient, at maximum efficiency, impossible
at maximum efficiency
Sam and David own their own law firm. What type of business do they own?
sole proprietorship, partnership, corporation
partnership
The different ways we distribute resources are...
factors of production, scarcenessities, allocation methods, or incentives
allocation methods
The Supply Curve goes...
up, down, there is no supply curve
up
Money that flows from the product market to businesses is called...
taxes, revenue, income, or profit
revenue
Points outside the PPC Curve are...
inefficient, at maximum efficiency, impossible
impossible
Which type of business can raise money by selling stocks or bonds?
sole proprietorship, partnership, corporation
corporation
People have to make choices because resources are...
scarce
The demand curve goes...
up, down, there is no demand curve
down
Money that flows from the Resource Market into households is called...
taxes, revenue, income, or profit
income
PPC stands for
Production Possibilities curve
Which type of business is the easiest to start?
sole proprietorship, partnership, corporation
sole proprietorship
What are the 3 factors of production that are brought together by entrepreneurs?
land, labor, capitol
The point where the supply curve intersects the demand curve is called...
the equilibrium
The resource market is also called the ..............market
Factor Market
If you choose the red car, your opportunity cost is the
red car, blue car
blue car
Which type of business has to follow the most regulations?
sole proprietorship, partnership, corporation
corporation
Unlimited wants exceed limited resources
Hint: starts with an s
scarcity