What is the type of economy in which communities use simple tools and methods to harvest and hunt for food, and often results in little economic growth.
100
Command
What is the missing world economic system from this list?
Entrepreneurial
Limited
Capitalism
100
Resources are in limited supply.
What is scarcity?
100
A corporation.
What is the type of business organization that legally acts as a single person even thought it may be owned by many people?
200
Free Market Economy
What is characterized in this list?
Profit
Individual Choice
Competition
Little to no government involvement
200
Incentive
What is an advertisement that says "Buy one, get one for half price" an example of?
200
Many individuals owning shares (stocks) of the business.
What is a corporation?
200
Partnership
What type of business is described in this list?
Two or more owners
Share all risks
Share all profits
200
Consumer Sovereignty.
In the American economy, buyers are able to determine what is produced by the purchases they make. What is this called?
300
Government regulation
What is the best phrase to complete this title of this diagram?
Free Market Economy_____>Mixed Economy_____>Command Economy
300
Go up.
What is likely to happen to the price of strawberries if cold weather destroys all the strawberry fields?
300
Corporation
What is the type of business organization that legally acts as a single person even though it may be owned by many people?
300
Target
What is not an example of a financial institution?
Apple Credit Union
Suntrust
Smith Savings and Loan
Target
300
Government provides services and good like schools and parks.
What are some examples of how money flows from the government to individuals?
400
Available resources and consumer preferences.
What determines what is produced in a mixed economy?
400
Traditional economy
What is the type of economy where economic decisions are based on custom and historical precedent?
400
Circular flow.
What is the idea that money is transferred or flows between the government, people, and business.
400
People pay taxes on income (paychecks), property (house, car) and sales tax (clothing, food.)
How does money flow from individuals to the government?
400
An entrepreneur.
What is someone who starts a business and produces a product called?
500
Mixed economy
What is the type of economic system when individuals and businesses are owners and decision makers for the private sector and government is the owner and decision maker for the public sector.
500
Command economy
What is the type of economy with central ownership (usually by the government) of property/resources.
500
Resources.
What are the factors of production that are used in the production of goods and services? Types of resources are human, capital, and entrepreneurship.
500
Sole proprietorship
What is the type of business ownership where one owner takes all the risks and profits?
500
Entrepreneur
What is a person who takes a risk to produce and sell goods and services in search of profit.