Geo Bell Ringer 2/22

What kind of economy does the U.S. have?

• Command economy

• Market economy

• Traditional economy

• None of the above

What is a profit?

• The money used to buy equipment to make your product

• The goods and equipment needed to make your product

• Money that a business has left after expenses

• An economic system where the means of production are owned by citizens

Oil would be an example of __________.

• Profit

• Scarcity

• Labor

• Natural resource

True or False: The law of supply states that businesses will produce more products when charged a higher price.

• True

• False

Something is scarce when it ___________.

• Is rare or low in numbers

• Is plentiful and easy to access

• Is provided by nature

• None of the above

What is an entrepreneur?

• Human effort, skills, and abilities used to produce goods and services

• Person who organizes, manages, and assumes the risk of a business

• What a company has when it is the only one selling a product or providing a service

• Something you find in nature without human intervention

Machines, buildings, and tools used to make other goods and services are ____________ goods.

• consumer

• capital

• factor

• manufactured

The _____________ between sellers keeps the cost of production low and quality of goods high.

• profit motive

• interdependence

• exchange

• competition

A nation's standard of living is a measure of not only the quantity of its products, but also

• the value of its resources

• of its people

• the quality of its goods and services

• of how the products are produced

When the economy stays in contraction for more than six months. Businesses close or lay off workers. People generally purchase fewer goods and services.

• Recession

• Depression

• Expansion

• Inflation