Economic Concepts and Theories

Front

"The merchants will manage commerce the better, the more they are left free to manage for themselves."  - Thomas Jefferson
Which theory is best described in the quotation?

Back

free market economy

Front

Which economic concept applies to the rise and fall of Pet Rocks in 1975-1976?

Back

profit motive and free enterprise

Front

Which of the following is NOT a characteristic of capitalism? competition , pursuit of personal profit, government control of the economy

Back

government control of the economy

Front

Major economic decisions in the United States today are made by

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the interaction of producers, consumers and government

Front

A company that operates and produces in several countries around the world is better known as a ________ company.

Back

Multinational

Front

Which of the following is a reduction in the value of an asset (example: a vehicle) with the passage of time, due to particular wear and tear to the item?

Back

Depreciation

Front

If two companies decide to combine their workforce and resources for a common goal and become one company, which term best describes this decision?

Back

Merger

Front

If two companies decide to combine their workforce and resources for a common goal and become one company, which term best describes this decision?

Back

Merger

Front

What is a complete list of items such as property, goods in stock, or the contents of a building?

Back

Inventory

Front

An organization of workers formed to promote collective bargaining with employers over wages, hours, fringe benefits, job security, and working conditions.

Back

Labor Union