Econ EOC Review

Front

Land, Labor, Capital, and Entrepreneurship are known as

Back

Factors of Production

Front

In which type of economic system does the government own all of the resources and make all economic decisions? Options: Command, Free-Market, Mixed

Back

Command

Front

According to the law of demand as price increases, quantity demanded...

Back

Decreases

Front

According to the law of supply as price increases, quantity supplied...

Back

Increases

Front

A business owned by one person is a

Back

Sole proprietorship

Front

A business owned by 2 or more people is a

Back

Partnership

Front

A business that is recognized by law as a separate legal entity. People have the option to buy stock and earn dividends.

Back

Corporation

Front

The final dollar value of all goods and services produced in a country in a given year is known as

Back

GDP

Front

Spending in excess of revenues collected...

Back

deficit spending

Front

Societies are faced with which three basic questions about production of goods?

Back

what, how, and for whom