Economics Review

Two partners independently own a business that repairs bicycles. They are an example of what kind of economy?

• capitalism

• membership

• command

• traditional

An example of a negative economic incentive is a:

• coupon

• membership

• a fine

• monopoly

A/An __________ is something that is offered to people to help them make a decision about goods and services.

• economic system

• market system

• economic incentive

• market incentive

When the government controls economic activity, it is called a _____ economy.

• traditional

• command

• free market

• capitalism

Agriculture is the main factor in what economy?

• free market

• traditional

• command

• American System

A/An __________ system is the way communities and governments organize resources, goods, and services.

• government

• ecological

• economic

• geologic

Multiple producers wanting consumers to purchase their product creates __________ in the marketplace.

• private property

• price systems

• specialization

• competition

Under capitalism, businesses must compete with one another for __________.

• producers

• consumers

• buyers

• sellers

Someone who creates and funds a business on their own is called __________.

• a business owner

• an employee

• a laborer

• an entrepreneur

A __________ is an economy where the government places few restrictions on businesses.

• traditional system

• command system

• free market system

• specialization system