Intro Economics

The difference between the revenue that a company brings in from selling goods and services and the cost of generating this revenue is called

• profit

• gross margin

• accounts receivable

• cost of goods sold

Ultimately, the goal of any business is to satisfy the needs of its _____.

• employee

• customers

• owners

• creditors

Gigi's Cupcakes produces goods that are

• tangible

• intangible

• services

• mixed

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

What economy is where the government has total control of the economy. Businesses are not privately owned.

• Command
• Traditional
• Mixed
• Market

What type of economy occurs when the government has a some control, and there are also privately owned businesses.

• Command

• Traditional

• Market

• Mixed

The type of economy where individuals, not the government, own most businesses and factories is ....

• Market

• Socialism

• Imperialism

• Command

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed