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Chapters 1 - 3

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1.
1 point
In a custom based economy _________________
2.
1 point
In a market economy _______________
3.
1 point
The contest between businesses to win customers
4.
1 point
Corn would be an example of a ________________.
5.
1 point
____________ is the right of the individual to choose whether to own a business, what business to enter, and to produce
6.
1 point
____________________refers to a system in which most economic resources are privately owned.
7.
1 point
In a directed (planned) economy__________________
8.
1 point
A relator (someone who helps you buy and sell a house) is an example of a ___________.
9.
1 point
__________is another name for the economic system in the United States
10.
1 point
The 3 key questions that every economy must answer are
11.
1 point
An a tree would be an example of a _________________.
12.
1 point
The amount of money left over after a business has paid for the cost of producing its goods and services.
13.
1 point
The raw materials found in nature are called ___________.
14.
1 point
Things we wish we could have.
15.
1 point
The four phases of the business cycle are
16.
1 point
Do we as a consumer, prefer that businesses compete against each other?
17.
1 point
The four types of economies that can be identified in the US are
18.
1 point
Agricultural type of economy was when people mainly lived off of the land and things that were produced naturally.
19.
1 point
The service type of economy is when people started using machines to make things
20.
1 point
Cotton would be an example of a _______________.
21.
1 point
The right of __________means you can own, use, or dispose of things of values.
22.
1 point
A general decrease in the cost of goods and services
23.
1 point
Target is an example of a marketplace
24.
1 point
The desire to work hard and be creative to earn a higher profit.
25.
1 point
A marketplace is any place where buyers and sellers exchange goods, services, and money.
26.
1 point
The amount of goods and services the average citizen can buy
27.
1 point
Buildings, material, and equipment used to produce goods and services are _____________.
28.
1 point
A factory would be an example of a ________________.
29.
1 point
Ebay is an example of a marketplace
30.
1 point
Any activity that seeks profit by providing goods or services to others
31.
1 point
A person who selects, purchases, uses, or disposes of goods or services
32.
1 point
Tasks that people or machines perform
33.
1 point
When the quantity demanded and the quantity supplied meet, this is called____________.
34.
1 point
A lawyer provides a ____________ to you.
35.
1 point
A sewing machine used to make jeans would be an example of a ___________.
36.
1 point
Material things that can be weighed, measured, touched, felt or measured.
37.
1 point
A lumber jack would be an example of a ________________.
38.
1 point
A baseball is an example of a ___________.
39.
1 point
The three types of economic systems discussed in chapter 2 are
40.
1 point
Things we must have to survive
41.
1 point
The total value of the goods and services produced in a country in a given year is called its
42.
1 point
Society's shortage of resources is called _____________.
43.
1 point
The industrial type of economy is when people started relying on machinery to produce goods
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