US Economy

What do businesses provide?

• goods and services

• labor

• spending and saving

• labor

What is supply?

• the total amount of a product that producers are willing to make and sell

• the amount of product that consumers are willing and able to buy

• money left over after all costs of production are paid

• two companies fighting for consumers

What is demand?

• the total amount of a product that producers are willing to make and sell

• the amount of product that consumers are willing and able to buy

• money left over after all costs of production are paid

• two companies fighting for consumers

What is profit?

• the total amount of a product that producers are willing to make and sell

• the amount of product that consumers are willing and able to buy

• money left over after all costs of production are paid

• two companies fighting for consumers

What is competition?

• the total amount of a product that producers are willing to make and sell

• the amount of product that consumers are willing and able to buy

• money left over after all costs of production are paid

• two companies fighting for consumers

What is income?

• bills that you have to pay

• the money you spend as a consumer

• when you donate to charity

• the money you earn for your labor

What are expenses?

• bills that you have to pay

• the money you spend as a consumer

• when you donate to charity

• the money you earn for your labor

What does it mean to volunteer?

• to help out and not earn an income

• to earn an income

• to work for a wage

What is capital?

• money

• income

• taxes

• bills

Another word used to describe the free enterprise system is

• communism

• capitalism

• nationalism

• none of the above