*Unit 1 Review

Front

What is the primary goal of most businesses?

Back

To maximize profit

Front

In business, when expenses exceed revenues, it results in a:

Back

Loss

Front

Who are individuals who start their own businesses?

Back

Entrepreneurs

Front

Which of the following is NOT a factor of production? Land, Labor, Capital, Taxes

Back

Taxes

Front

A system where individuals and businesses own and operate the means of production is called:

Back

Capitalism

Front

In a free market economy, the price of a product is mainly determined by:

Back

Supply and Demand

Front

Which of the following is NOT a degree of competition in the marketplace?
Monopoly, Oligopoly, Communism, Pure competition

Back

Communism

Front

Fiscal policy involves government actions related to: Cellphone bans, Taxes and government spending, Espionage, Elections

Back

Taxes and government spending

Front

What does GDP stand for in economics?

Back

Gross Domestic Product

Front

Which index is a measure of inflation that evaluates the change in the weighted-average price of goods and services that the average consumer buys each month?

Back

Consumer Price Index (CPI)