Economics Review

actions, awards or rewards that influence the choices people make

• market economy
• voluntary exchange
• incentives
• competition

The United States has a __ economy.

• traditional
• mixed
• free market
• command

what is the name for the central bank of the United States

• the United Reserve
• the Federal Reserve
• Bank of America
• Union Bank

What a business has left after all the bills have been paid?

• supplies
• taxes
• profit
• debt

Owned by many people (stockholders), but treated by law as one person.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Which economic system allows the government to decide the Means of Production?

• Command
• Market
• Traditional
• Mixed

I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 

• Traditional 
• Command 
• Market
• Mixed

The thing that you give up (the next best alternative) when you make a decision is known as

• Opportunity Cost
• Scarcity
• Incentive
• Choice

What do you call the process of combining resources to produce goods and services?

• Production

• Demand

• Consumption

• Distribution

a business where one person takes all the risk

• franchise

• partnership

• proprietorship

• corporation