Economics Final Exam

Front

The fact that there are limited resources to produce limited amounts of goods is known as?

Back

Scarcity

Front

Scarcity is considered

Back

The fundamental problem of economics

Front

What are the four factors of production? Options: Labor, Trade Offs, Opportunity Costs, Money, Land, Labor, Capital, Entrepreneurship, Land, Labor, Equity, Entrepreneurship, Land, Capital, Machine, Businesses

Back

Land, Labor, Capital, Entrepreneurship

Front

What economic system does the United States use?

Back

Free Market System (Capitalism)

Front

The law that states higher price leads to lower quantity demanded and lower price leads to higher quantity demanded.

Back

The Law of Demand

Front

The law of supply states that an increase in the price of goods results in an increase in the quantity supplied.

Back

True

Front

A good that can replace another good is known as

Back

Substitute Goods

Front

A market structure where a single entity controls the production or sale of a good or service, limiting competition is known as

Back

Monopoly

Front

A business with many employees, a management structure, and stocks is known as

Back

Corporation

Front

The form that shows a company's revenues, expenses and profitability over a period of time.

Back

Income Statement