CONTEMP 3

CONTEMP 3

University

52 Qs

quiz-placeholder

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CONTEMP 3

CONTEMP 3

Assessment

Quiz

Other

University

Hard

Created by

Jamerah Andam

Used 3+ times

FREE Resource

52 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

is an organization that transforms

resources (inputs) into products (outputs).

Firms are the primary producing units in a

market economy.

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

is a person who organizes,

manages, and assumes the risks of a firm,

taking a new idea or a new product and

turning it into a successful business.

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

are the consuming units in an

economy.

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

shows

the connections between

firms and households in

input and output markets.

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

are the markets

in which goods and

services are exchanged.

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

are the markets in which resources—labor, capital, and land—used to

produce products, are exchanged.

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

in which households supply

work for wages to firms that demand labor.

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