Introduction to Business_Chapter 3 Review

Front

Primary focus of capitalism

Back

Private ownership

Front

Best describes socialism:

Back

Government ownership of essential services

Front

Importance of private property rights in capitalism:

Back

Incentivize innovation.

Front

GDP measures the total value of all goods and services produced.

Back

Total value of all goods and services produced

Front

Fiscal policy focuses on:

Back

Government spending and taxation

Front

Unemployment rate calculation

Back

Unemployed ÷ Labor force

Front

Inflation

Back

A rise in prices

Front

Law of supply and demand states:

Back

Price is determined by the interaction of supply and demand.

Front

Mixed economy:

Back

Elements of both capitalism and socialism.

Front

Characteristics of perfect competition:

Back

Many buyers and sellers