20 Question SOL Economics Review

Front

A person who takes a risk to produce goods and services in search of profit is-

Back

Entreprenuer

Front

A type of economy that is mainly agricultural in which people do the same things as their parents and grandparents is called-

Back

Traditional

Front

A type of economy where there is a lack of consumer choice, government or centrally owned resources, and a government planned economy is called-

Back

Command

Front

A type of economy where government is the owner and decision maker for the public sector and individuals are the decision makers for the private sector is called-

Back

Mixed

Front

This type of economy has minimal government involvement, motivated by profit, and has private ownership of property and resources is called-

Back

Free Market

Front

Earnings after all expenses have been paid is called-

Back

Profit

Front

A type of business where there are two or more owners who share the risks and profits is called

Back

Partnership

Front

A type of business organization that is authorized by law to act as a person regardless of the number of owners is called-

Back

Corporation

Front

A type of business that has one owner who takes all the risks and profits is called-

Back

Proprietorship

Front

If the government increases taxes what will happen to funds available for private/business spending?

Back

Decrease