Economics Today

The type of economic system where the government has some say in how businesses produce for consumers, but it's mostly up to the producers.

• traditional

• market

• mixed

• command

If Red Hen had been a professional baker, the use of her oven to make bread would be called a

• natural resource

• human resource

• executive resource

• capital resource

Chipotle has an app you can download to earn loyalty points for every purchase. In economics, what do you call this?

• positive incentive

• negative incentive

• productive resource

• positive resource

Goods and _________________ are a major part of economics.

• products

• services

• regulation

• demand

Another word for a business person is

• investor

• consumer

• producer

• lender

The United States has what type of economic system?

• traditional

• market

• mixed

• command

The value of something you give up when you choose one thing over another thing

• trade-in

• opportunity cost

• productive resource

• supply and demand

What risk did David Jacobs eliminate by starting the Spyder business out of his kitchen?

• investing too much money in the business before knowing if he'd be successful

• selling his business to Hanson Industries

• offering gear to Olympic skiers so his product gained popularity

• selling the patent to his revolutionary ski pants to another company when he didn't have much money

Why is it important for people who make an income from careers paid out of state budgets that local business people are successful?

• sales tax on business purchases adds to the state revenue

• business owners who are wealthy are able to donate to the state

• politicians are re-elected when businesses do well

• a business bankruptcy does not add to the state's costs

A market economy is run by ______________________.

• a central leader

• government acts

• private enterprise

• labor unions