Fundamentals of Economics

Front

People have ________ wants, while resources are _________.

Back

unlimited, limited

Front

What is given up when a choice is made...what is this called?

Back

opportunity cost

Front

What is a medium of exchange?

Back

money

Front

What is considered currency? Options: printed money, coins, checks, debit cards and credit cards

Back

all of the above

Front

_________ offer checking, savings, loans, mortgages, certificates of deposit (CDs) and credit cards.

Back

banks

Front

These financial institutions make loans to businesses and individuals receive deposits.

Back

credit unions

Front

Limited liability means that any financial obligations belong to the corporation, not the owners.

Back

True

Front

Which type of business involves 2 or more owners who share risks and profits?

Back

partnership

Front

________ is a person who takes risks to produce and sell goods in search of a profit.

Back

entrepreneur

Front

Which type of business organization is authorized by law to act as a legal entity regardless of the number of owners?

Back

corporation