Economics Part I

Front

What would be the effect on the United States economy if a major disaster took place in an oil producing nation?

Back

United States consumers would pay higher prices

Front

What will probably happen if only one store in Texasville sells a new popular game, has a few left, and cannot get more?

Back

the price of the game will go up

Front

The amount of goods on hand that producers can deliver to consumers is known as

Back

supply

Front

People risk their cash and other resources to start a business to

Back

make a profit

Front

Command economies have several disadvantages. ALL are disadvantages EXCEPT: citizens have few individual rights, consumer goods may be poorly made, selection is great for the consumer, factories do not compete against one another.

Back

selection is great for the consumer

Front

Free market economies rely heavily on?

Back

competition

Front

In what economic system is the production of goods and services determined by the central government which owns all the land and businesses?

Back

Command economy

Front

In the United States economy, prices are determined by

Back

Supply and Demand

Front

An individual purchases a business and begins to produce goods that are consumable and make a profit. The advantage of owning the business is

Back

the individual owns the resources

Front

sharing resources and risks are advantages to a

Back

partnership