FINAL- Business & Economics

Front

Which of the following is considered a 'need'? A new smartphone, A good night's sleep, A vacation to the beach, A meal

Back

A meal

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

If there is high demand for a product but low supply, what will happen to the price?

Back

The price will go up

Front

Which market type is historically based on local custom and culture? Options: Free market, Command market, Mixed market, Traditional market

Back

Traditional market

Front

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

Back

The business owners based on supply and demand

Front

Which economic system involves the government controlling most aspects of the economy? Options: Capitalism, Socialism, Communism, Mixed economy

Back

Communism

Front

Which is an example of 'private ownership' in an economic system? Options: Workers collectively owning a business, The government owning all businesses, One person owning and operating a small shop, No one owning private property

Back

One person owning and operating a small shop

Front

In a 'sole proprietorship', who makes all the business decisions?

Back

The single owner

Front

Which market type combines elements of both free and command markets? Options: Traditional market, Free market, Command market, Mixed market

Back

Mixed market

Front

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

Back

Capitalism