The government has this percent of control in a command economy.
What is 100%
100
CPI stands for.
What is Consumer Price Index?
100
Giving up one thing to do another.
What is opportunity cost?
100
The difference between a consumer good and an industrial good.
What is consumer goods are for personal, family, or household use and industrial goods are for the production of other goods or for resale?
200
This is the utility created when a business owner decides to locate their store in a mall.
What is place utility?)
200
The government has 50% control in this type of economy.
What is mixed economy?
200
These are the four phases of the business cycle.
What are peak, recession, depression, and recovery?
200
List the four economic resources.
What are land, labor, capital, and entrepreneurship?
200
This is the physical development of a country.
What is infrastructure?
300
Give three ways possession utility is created.
What is cash, credit, check, gift card, paypal, etc.?
300
In this economic system, the government has 0% control.
What is free-enterprise economy?
300
These four major groups of people affect the business cycle.
What are businesses, consumers, government, the world?
300
The difference between a person’s unlimited wants and limited resources.
What is scarcity?
300
The difference between disposable and discretionary income.
What is disposable income is the money left after taking out taxes and discretionary income is the money left after paying basic living expenses?
400
Name the five types of utility.
What is time, possession, information, form, and place?
400
List the four freedoms of a free enterprise system.
What are risk, competition, profit, and ownership?
400
This is what CPI measures; give two examples of what items are included in the measurement.
What is inflation? What are food, housing, utilities, transportation, medical care?
400
All resources that go into producing a product and the goods created as a result of combining materials.
What are inputs and outputs?
400
This act made monopolies and the attempt to monopolize illegal.
What is the Sherman Act?
500
Give an example of each of the five types of utilities.
Answers will vary
500
This type of competition focuses on factors such as quality, service location and reputation.
What is non-price competition?
500
State what GDP and GNP stand for and give the difference between the two.
What is Gross Domestic Product and Gross National Product? Domestic is within the geographical boundaries of the US while GNP takes into account businesses throughout the world.
500
State the three economic questions.
What is what products should be produced? How should the products be produced? For whom should the products be produced?
500
This was the first law that outlawed price discrimination, tying of contracts, and pooling of stock ownership.