SOL Review Game 10

What type of business organization is authorized by law to act as legal person regardless of the number of owners . . . . owner liability is limited to investment?

• Partnership

• Sole Proprietorship

• Entrepreneur

• Corporation

What is the inability to satisfy all wants at the same time. . . which forces choices to be made?

• Scarcity

• Resources

• Demand

• Supply

What are the factors of production that are used in the making of goods and services?

• Choice

• Resources

• Supply

• Demand

The United States decides to invest money into and produce industrial equipment instead on producing shoes. The choice of not producing shoes is known as ...

• Choice

• Production

• Supply

• Opportunity Cost

In a market economy, the interaction of what determines price?

• Resources and Factors of Production

• Supply and Demand

• Production and Consumption

• Price and Competition

What is the type of economy where individuals and businesses are decision makers for private sector; the government is the decision maker for the public sector?

• Free Market

• Mixed

• Traditional

• Command

The key factor in determining the type of economy a country has is based on the extent of whose involvement in the economy?

• Government

• Congressmen

• Voters

• Business owners

Jimmy started his own business. He takes all the risks and enjoys all the profits.  What type of business organization did Jimmy establish?

• Partnership

• Corporation

• Sole Proprietorship

• Entrepreneur

The economy that is characterized by central ownership of property/resources, centrally-planned and lack of consumer choice. 

• Mixed

• Command

• Free Market

• Traditional

After paying all of her expenses, Stephanie had made $500.  The $500 would be Stephanie's what?

• Profit

• Demand

• Supply

• Expenses