Final Exam Review - Business & Economy

Front

Which of these is an example of a 'service' provided by a business? Selling shoes, Manufacturing computers, Cutting hair, Growing apples

Back

Cutting hair

Front

Which market type is historically based on local custom and culture?

Back

Traditional market

Front

In a 'free market' system, who primarily determines prices?

Back

The business owners based on supply and demand

Front

Which market type combines elements of both free and command markets?

Back

Mixed market

Front

Which economic system has private ownership of businesses and pricing based only on supply and demand?

Back

Capitalism

Front

What is the main difference between a 'want' and a 'need'?

Back

Wants are nice to have, needs are required for survival.

Front

What does 'supply' refer to in economics?

Back

The number of items available for sale

Front

What is a Sole Proprietorship? Mark only one oval.

Back

A business owned by one person

Front

What is a Mixed Market? Mark only one oval. Options: A market with no government involvement, A mixes parts of Free and Command Markets, A market based solely on barter, A market that only sells goods

Back

A mixes parts of Free and Command Markets

Front

Which of the following is an example of a service? Mark only one oval. A car, A haircut, A book, A computer

Back

A haircut