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AIB VOCABULARY QUIZ #2

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1.
10 points
An organized way in which a state or nation allocates its resources and apportions goods and services in the national community.
2.
10 points
The phase of the business cycle that is marked by a prolonged period of high unemployment, weak consumer sales, and business failures.
3.
10 points
Things that you can see and touch; they are products you can purchase to meet your wants and needs.
4.
10 points
Not having enough resources to satisfy every need.
5.
10 points
A business owned and controlled by two or more people who have entered into a written agreement.
6.
10 points
A business owned and run by just one person.
7.
10 points
a separate legal entity formed by documents. It is owned by one or more shareholders and managed by a board of directors.
8.
10 points
Things available to be used to produce goods and services.
9.
10 points
The quantity of a good or service that consumers are willing and able to buy.
10.
10 points
The quantity of a good or service that businesses are willing and able to provide.
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