Economics (unit 9) Test 1 Study Guide

The inability to satisfy all wants at the same time. This requires choices to be made 

• supply
• scarcity 
• demand 
• resources 

What are the three types of business ownership? 

• Proprietorship, partnership, and corporation
• Proprietorship, partnership, and  entrepreneur
• corporation, resources, and supply 
• proprietorship, corporation, and resources

Define supply 

• amount of a good consumers are willing to buy it for 
• amount of a good consumers are willing to sell it for 
• amount of a good producers are willing to sell it for 
• amount of a good producers are willing to buy it for 

What does the FTC stand for

• Federal Trade Commision 
• Federal Turkey Computer 
• Federal Trade Competition 
• Federal Time Commision 

How do consumers beneift from competition? 

• Through their interest 
• Through their resources 
• Through their purchases
• Through their product 

What is an example of public goods and services

• postal service 
• walmart 
• tv 
• jobs 

What is proprietorship? 

• person who takes a risk to produce goods and services in search of profit 
• authorized by law to act as one owner regardless of the amount of owners 
• 1 owner 
• 2 or more owners 

What is partnership? 

• authorized by law to act as one owner regardless of the amount of owners 
• 1 owner
• 2 or more owners 
• person who takes a risk to produce goods and services in search of profit 

What is one way that the government promotes market place competition 

• monopolies 
• engaging in global trade
• inovations 
• supply 

What does the FCC do 

• Regulates trade 
• Regulates water pollution 
• Regulates animal safety 
• Regulates communication