Show:
Chapter 1
Chapters 2 & 3
Chapters 4 - 6
Chapter 7
Chapter 8
100
It is the trade-off that nations face when choosing whether to produce more or less military or consumer goods.
What is "guns or butter"?
100
This causes businesses to challenge each other in order to win over customers, which also benefits both workers and consumers.
What is competition?
100
If the price rises on a product then producers make more of it.
What is the Law of Supply?
100
This occurs when a few firms dominate a market.
What is an Oligopoly?
100
This is a major disadvantage of both sole proprietorships and partnerships.
What is Unlimited Liability?
200
It's the limited quantity of resources to meet unlimited wants.
What is scarcity?
200
He is to the Market System as Karl Marx is to the Command System.
What is Adam Smith?
200
This occurs when the supply exceeds the demand.
What is a surplus?
200
This differentiates Perfect Competition from Monopolistic Competition.
What is no differentiation and little price difference vs. some differentiation and some price difference?
200
Those firms that wish to incorporate must file these with the state.
What is a Certificate of Incorporation?
300
The skills and knowledge gained by a worker through education and experience.
What is human capital?
300
This Economic System has features like private property, choice, competition, economic incentives and so forth.
What is the Free Enterprise System?
300
This occurs at the convergence of the supply and demand lines.
What is equilibrium?
300
This is issued to a company when it develops a new product or process and to a degree is a legal monopoly.
What is a patent?
300
This is the major difference between corporations and other business structures.
What is a legal entity?
400
The most desirable alternative given up as the result of a decision.
What is opportunity cost?
400
Capitalism also goes by this alternative name.
What is the Market System?
400
It acts as a regulating force in the marketplace.
What is competition?
400
A market in which there is one seller and many buyers.
What is a Monopoly?
400
These are the four basic business organizations.
What are corporations, partnerships, sole proprietorships, and non profits?
500
This factor of production includes oil, coal, forests, natural gas, and others.
What is land?
500
If the price rises then consumers will buy less of it.
What is the Law of Demand?
500
This occurs when there is only one company in a market because of the efficiencies it delivers.
What is a Natural Monopoly?
500
These are the means through which corporations raise money.
What are stocks and bonds?