Economics SOL Review Part B Harris

This illustration depicts what economic concept?

• Supply and Demand

• Economic Systems

• Globalization

• Fair Trade

Select the following that would a good or service provided by the government.

• A baseball cap

• A library

• Military protection

• Interstate highways and roads

• A vehicle

What should replace the question mark in the diagram?

• Impact of Supply and Demand

• Impact of Government Influence

• Levels of Productivity

• Levels of Economic Output

Ben has opened up a bicycle shop. He sells his bikes at $150 a piece. In the next two months, two other bicycle shops open up and sell their bikes from a range of $125-$160. This situation demonstrates what characteristic of the U.S. economic system?

• Consumer Sovereignty

• Competition

• Profit Motive

• Limited Government

In the U.S. economic system, what three groups make economic decisions?

• Individuals

• Businesses

• Government

When consumers determine through purchases what is produced this is referred to as-

• Private Property

• Individual Choice

• Profit Motive

• Consumer Sovereignty

The building featured in the photograph represents a (an)

• Private Financial Institution

• Public service provided by the government

• Private good and services provided by entrepreneurs

• Example of a business organization

In this circular model, what should replace the question mark?

• Public Goods and Services

• Human Resources

• Natural Resources

• Savings and Investment Resources

Paul desires to own a graphic design business. He wants to earn a profit, but knows there are risks involved. Paul is seeking to be a (an)-

• Politician

• Lobbyist

• Investor

• Entrepreneur

Match the following descriptions with a characteristic of the U.S. economic system.

• Private Property

• Individuals and businesses are allowed to own this without too much government interference

• Profit

• Earnings made after all expenses have been paid

• Minimal Governmental Influence

• Operate without undue interference from the government

• Consumer Sovereignty

• If customers don't want a product, businesses won't sell it and if they do want it, the businesses will sell it.

• Free Markets

• Supply and Demand determine marketprices not the government