What is an economic system with limited government involvement?
100
Opportunity Cost
What is the value of the next best alternative that is not chosen?
100
Entrepreneur
What is a person who takes a risk to produce and sell goods and services in search of profit?
100
Private Property
What is land/property owned by individuals and businesses (the private sector)?
100
The dictator of North Korea and their command economy.
Who is Kim Jong Un?
200
Traditional Economy
What is an economic system based on custom?
200
Resources
What are the things that are used in the process of producing goods and services?
200
Proprietorship
What is A form of business organization with one owner who
takes all the risks and all the profits
200
Eric owns a gas station and Clair owns a gas station right next door. This causes the gas prices of one of the stations to be lower than the other. This is called what.
What is competition?
200
The 2009 World Series MVP for the New York Yankees.
Who is Hideki Matsui?
300
Soviet Union, Cuba, and North Korea
What is a Command Economy?
300
Scarcity
What is the inability to satisfy all wants at the same time?
300
A form of business organization with two or more
owners who share the risks and the profits
What is a partnership?
300
A place where buyers and sellers interact to buy and sell goods and services.
What is a market?
300
Private Financial Institutions include:
What are banks, savings and loans, and credit unions?
400
Free-Market Economy
What is an economic system with no government involvement?
400
Choice
What is selection of an item or action from a set of possible alternatives?
400
A form of business organization that is authorized by
law to act as a legal entity regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment.
What is a corporation?
400
Limited government involvement, private property, consumer soveriegnty, and competition are all characteristics of the American Economy. The United States is what type of economy?
What is a mixed economy?
400
Derek Jeter's career batting average.
What is .310?
500
Command Economy
What is an economic system where the government controls all aspects of the economy?
500
Consumer Sovereignty
What is consumers determining through purchases what goods and services will be produced?
500
Mr. Callas wants to take a risk and start a fishing rod company so he can make a profit. Mr. Callas is an example of what?
What is an entrepreneur?
500
This phrase describes the role the American people play in the United States Economy
What is the "Consumer is King?"
500
To obtain goods and services that cannot be produced or cannot be produced efficiently themselves.