Economies
This type of economy has the most government control.
What is command?
This is the using of goods and services.
What is comsumption?
A sign that read "Janet's Flower Shop" would indicate this type of business.
What is a proprietorship?
This means to pick something from a set of alternatives.
What is choice?
True or False:
Businesses can act in the United States with no government regulations.
What is false?
This is the way we determine the type of economy in a country.
What is the amount of government involvement?
The right of individuals and businesses to own real and personal property is kown as this term.
What is private property?
This person takes a risk to produce goods and services in search of profits.
Who is an entrepreneur?
The amount of a good or service that consumers are willing and able to buy is known as this.
What is demand?
This is the introdiction to the US Constitution.
What is the Preamble?
The United Staes has this type of economy.
What is mixed?
The amount of a good or service that producers are willing and able to sell at a price is known as this.
What is supply?
Consumers determine what is produced by their purchases is known as this.
What is consumer sovereignty?
When you see "50% off" or "Buy one, get one free" you see this economic principle in practice.
What is incentives?
In the US economy, consumers buy these three things from businesses.
What are products, goods, and services?
An economy where people use simple tools and methods to harvest and hunt for food is known as this type.
What is traditional?
The choice NOT chosen is known as this term.
What is opportunity cost?
A businesses earnings minus its expenses is known as this.
What is profit?
The interaction of supply and demand determines this in the American marketplace.
What is price?
This is the Virginia Court which tries felony criminal cases.
What is Circuit Court?
This type of economy lets businesses operate without influence from the government.
What is free market?
Not being able to satisfy all wants at the same time is this term.
What is scarcity?
This is the type of business that limits the owners' risk to the amount of money invested.
What is a corporation?
This type of business raises money by selling stock.
What is a corporation?
This is the school Mrs. Swem graduated college from.
What is Penn State University?
In our review, this is who we said did not share in economic decisions.
Who are judges?
These are the four types of resources that are used to make goods and proivide services.
What are human, natural, capital, and entrepreneurship?
Both parties contribute equal money and assume equal risk is this kind of business.
What is a partnership?
These are the most important source of financial capital for business expansion in the United States?
What are individual and business savings and investment?
If we want to make a bigger profit, this is what we need to do with our product.
What is increase the price?