Economy

The U.S. has which type of economy?

• command

• money market

• free enterprise

• free command

What is a command economy?

• the consumer decides what will be produced

• the producer decides what will be produced

• the government lets the producer decide

• the government decides what will be produced

Which of the following is important to California's economy?

• mining

• entertainment

• manufacturing

• agricultural

What is the meaning of barter?

• banish

• type of money

• trade

• inflation

Long ago, _______ and _______ were used as money.

• seashells, paper

• paper, bits of metal

• bits of metal, belts

• seashells, bits of metal

What is profit?

• money a business has after it pays all its costs

• the rise in the usual price of goods

• to take and use something with the agreement of returning it later

• to trade one good for another

Why do entrepreneurs start businesses?

• To hire workers

• important companies were started by them

• they believe their ideas can make money

• if the quality is not good business will shut down

What is supply?

• the availability to open at 12:00 instead of 1:00

• the amount of product consumers are willing to buy

• lowering prices to attract customers

• the amount of product a business has available

If a product is in high demand,

• people will be willing to think about the price

• people will be willing to pay a high price

• people will not be willing to pay a high price

• people will not be willing to pay a low price

The use of public notices to bring attention to a product or service is

• incentive

• advertisement

• opportunity cost

• advertisement cost