Econ Final - F24

Front

In this type of economy, the people decide the supply, demand, and price.

Back

Market

Front

This type of economy is passed down through family traditions. They learn from their parents.

Back

Traditional

Front

Which type of economy has central ownership, the government, and lack of individual choice?

Back

Command

Front

The amount of money a business makes after its expenses are paid

Back

profit

Front

Competition and profit motive are important characteristics of a:

Back

market economy

Front

The driving force behind people starting their own business is

Back

profit motive

Front

The idea that wants/needs are unlimited and resources are limited is known as...

Back

scarcity

Front

Which of the following descriptions best explains the meaning of opportunity cost?
Options:
the initial cost of starting a new business,
the cost of business failure,
the cost of choosing one alternative over another,
the risk associated with a new product failing

Back

the cost of choosing one alternative over another

Front

The crucial problem of economics is:

Back

allocating scarce resources to satisfy unlimited wants

Front

Which of the following is NOT an advantage of a sole proprietorship? Options: The owner keeps all the profits. The owner makes all the decisions. Profits are taxed twice There are almost no requirements to start up a sole proprietorship.

Back

Profits are taxed twice