Economics (CE.12-14)

Sal was given a choice between a truck and a car. Sal chose the truck because he was planning to go 4-wheeling over the summer. The car represents which economic principle?

• Opportunity cost

• Supply

• Demand

• Resources & Choice

Consumer preference and price determine

• What is produced

• What is purchased

• Price

• Opportunity cost

Devon is digging a hole for the basement of a new home and must use a bulldozer to move the dirt. The bulldozer is an example of what type of resource?

• Entrepreneurship

• Human

• Natural

• Capital

Each of us is a consumer because we

• Provide skills and labor to produce goods

• Use a barter system instead of money

• Live in a democratic society

• Purchase goods and services

While on vacation, Adam went to the store and found that there was only one brand of chips, hot dogs, bread, and milk. Adam is most likely visiting a country that is exercising which type of economy?

• Free Market

• Mixed

• Traditional

• Command

The rivalry between producers/sellers of a good or service that results in better quality goods and services at a lower price?

• Profit

• Consumer Sovereignty

• Competition

• Scarcity

Sam and Son, Incorporated is a manufacturing business that acts as a legal person regardless of the number of owners in the company. What type of business organization is Sam and Son?

• Corporation

• Proprietorship

• Partnership

• Sole partnership

In 1978, two friends decided to take a risk and open an ice cream business in Vermont. What type of business ownership did Ben & Jerry’s start out as?

• Proprietorship

• Partnership

• Corporation

• Competition

Taxes and borrowed funds are two ways that the government provides -

• Vacations

• Public goods & services

• News conferences

• Bonuses

Select ALL of the ways governments pay for public goods and services.

• Taxes

• Borrowing

• Fees

• Donations

• Fines