Economics - Spring DCA Review

This type of business is owned by one person.

• Partnership

• Corporation

• Franchise

• Sole Proprietorship

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

• The responsibility for the business is shared
• The business is easy to set up
• The partners are not responsible for business debts
• The business is easy to sell

not having enough

• supply

• scarcity

• human resouce

• taxes

What is it called when something is given up for something else?

• Choice

• Capitalism

• Inflation

• Opportunity Cost

Limited goods and resources require that choices be made. All resources and goods are limited, leading to the inability to satisfy all wants at the same time.

• economics

• scarcity

• resources

• choice

Which of the following is the best example of a WANT?

• A t-shirt

• A plate of spaghetti

• An apartment

• A haircut

Lisa makes $15 per hour at her job working for Red Lobster. This money is best described as.....

• Income

• Wealth

• Excessive

• Sunk Costs

The place where goods and services are exchanged

• barter
• currency
• market
• resource

There are 4 _______________. They are land, labor, capital and entrepreneurship.

• Factors of Production

• Market Economy

• Profit

• Economics