Show:
Concepts
market economy
competition
economic systems
Legal forms of bus.
100
The basic economic problem
What is scarcity
100
________ and demand are important concepts in a market economy
What is supply
100
The most prevalent form of competition in our US economy
What is monopolistic competition
100
An economic system that undergoes the least amount of change is
What is traditional
100
The majority of US businesses start up as
What is sole proprietorships
200
hours and wages are called __________ resources
What is human
200
During a buyers market, there is a
What is high supply and a low demand
200
A large number of suppliers producing almost identical products
What is pure competition
200
An economy that has some combination of traditional, market, and command economy
What is mixed
200
The biggest advantage in this type of legal form of business is limited liability
What is a corporation
300
utility is just another word for
What is usefullness
300
private enterprise can be called a ____________because price determines what consumers will buy, what will be produced etc.
What is a price directed system
300
The computer industry and the automobile industry are likley to be categorized as
What is an oligopoloy
300
The government owns some factors of production and has a role in determining what and how goods are produced in a __________ economy
What is socialist
300
In this type of corporation, owners are taxed as sole proprietors
Sub chapter S
400
having a sales promotion would increase _________ utility
What is posession
400
This type of trade helps to provide for my products and variety in a market economy
What is international trade
400
Competition is important in a market economy because it helps to keep prices
What is down
400
The biggest disadvantage in this type of economy would be lack of choice
What is command
400
Only ______ this type of corporation sells shares of stock in the form of ownership
What is open
500
When the price demanded by buyers equals the quantity demanded by sellers
What is equilibrium price
500
One of the advantages of a market economy is: freedom of competition, absence from taxes, governmental control or assigned occupations
What is freedom of competition
500
In a market economy the roll of government is
What is limited
500
China is most likely classified as this type of economy
What is mixed
500
The biggest disadvantage in a franchise is
What is high start- up costs