Unit 9 Review

Front

If the price of iPhones goes up 200%, what will change?

Back

Demand for iPhones will decrease.

Front

What is the price of Christmas wrapping paper on December 26^th? Note: Christmas is on December 25

Back

Low

Front

What is the equilibrium price?

Back

The price at which the quantity of the product demanded equals the quantity supplied.

Front

What type of business is Jung Seagull running if he takes ALL of the risks and ALL of the profits?

Back

Proprietorship

Front

What type of business are Angel and Natasha running if they owe the bank $230,059 and have to split this liability in half?

Back

Partnership

Front

What does the government provide for its citizens?

Back

Public Services

Front

In the U.S., consumers have choices for which pizza company to order from. They make these choices based on quality and price. The reason they have this choice is because of what characteristic in the U.S. economy?

Back

Competition

Front

After companies pay all of their bills (like the electricity, their supplies, and their employees), the money left over is called the  -

Back

Profit

Front

What is a free enterprise?

Back

Markets operate without interference from the government

Front

All of the following are true about entrepreneurs EXCEPT- They can only set up a proprietorship and corporation, They increase competition by bringing new goods to the market, They take a risk to produce and sell goods, They often foster technological progress and economic growth

Back

They can only set up a proprietorship and corporation