Economics - Quiz 1 Practice

Free Enterprise

• economy in which competition is allowed to flourish with a minimum of government interference

• economic system in which supply, demand and the price system help people make economic decisions and allocate

  resources

• something we sacrifice when we make a decision

• rise in the general level of prices

Market Economy

• market economy or competition  in which privately owned businesses have the freedom to operate for a profit with limited government intervention

• economic system in which people and firms act in their own best interests to answer the what, how, and for whom questions

• something we sacrifice when we make a decision

• rise in the general level of prices

alternative choices available to consumers in the marketplace

rise in the general level of prices

Cooperative

• something we sacrifice when we make a decision

• rise in the general level of prices

• voluntary association of people formed to carry-on some kind of economic activity that will benefit its members

• unincorporated business owned and operated by two or more people who share the profits and responsibility for debts

Partnership

• business jointly owned by two or more persons

• nonprofit association performing some kind of economic activity for the benefit of its members

• rise in the general level of prices

• something we sacrifice when we make a decision

Good

• rise in the general level of prices

• nonprofit association performing some kind of economic activity for the benefit of its members

• unincorporated business owned and operated by two or more people who share the profits and responsibility for debts

• tangible item that is economically useful or that satisfies an economic want

Needs

• tangible economic product that is useful, relatively scarce and transferable to others; used to satisfy wants and needs

• food, clothing, shelter

• economic system in which supply, demand and the price system help people make economic decisions and allocate

  resources

• something we sacrifice when we make a decision

Conglomerate

• nonprofit association performing some kind of economic activity for the benefit of its members

• unincorporated business owned and operated by two or more people who share the profits and responsibility for debts

• firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales

• rise in the general level of prices

Economics

• tangible economic product that is useful, relatively scarce and transferable to others; used to satisfy wants and needs

• basic necessities to stay alive such as food, clothing, shelter

• firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales

• the study of efforts to satisfy seemingly unlimited wants with scarce resource