Economics Chapter 3 Test

The fixed costs of doing business include:

• office supplies

• property taxes

• capital goods

• workers' wages

The Government may pass laws to encourage

• fighting

• discrimination

• fixed costs

• competition

A business cost that changes

• fixed cost

• total revenue

• variable cost

• total cost

Another name for a free market or capitalist economy

• voluntary exchange

• free enterprise

• communism

• legislature

All the money taken in by a business

• total cost

• consume

• revenue

• variable cost

Trade agreements that people make by choice

• voluntary exchange

• free enterprise

• free trade

• consumer

Someone who buys and uses products

• legislature

• resource

• due process

• consumer

In a free enterprise system, individuals own and control:

• free choice

• variable costs

• property

• costs

A business may have to spend more money money to get resources that are:

• pretty

• scarce

• high end

• natural

Employees may be _______________ when a company loses money.

• mistreated

• scolded

• laid off

• blamed