Econ Final Review1

Front

When producers use the free enterprise system, the benefit to consumers is

Back

wider variety of goods

Front

If the band tries to raise enough money for new uniforms, an out of state competition and an end of the year party but they don't raise enough, what basic economic issue will the band face?

Back

choice based on limited resources

Front

The value of the dollar depends on how much you can buy with it.

Back

you can buy with it.

Front

Which type of economic system is based on private ownership of property and a profit motive?

Back

capitalism

Front

Which statement below identifies a characteristic of the free-enterprise economic system?
investments and profits are controlled by individuals,
individuals and the government work together to make profits,
the government makes most economic decisions

Back

investments and profits are controlled by individuals

Front

The key advantage to gaining access to credit is that it can help people

Back

buy a good or service now and pay for it later

Front

Using a debit card to make a purchase is most similar to using a

Back

check

Front

What is the main economic system of the United States?

Back

capitalism

Front

Which of the following is a characteristic of a free market economy? customers do not pay sales tax, the price of goods is determined by supply and demand, many goods are produced by the government and given out for free

Back

the price of goods is determined by supply and demand

Front

Which of the following is true of a capitalistic economic system? businesses compete against each other for customers, the government owns the means of production, individuals are not allowed to invest in businesses

Back

businesses compete against each other for customers