SOL Economics Review

What type of economy has central control of resources and a lack of choices?

• Traditional

• Free Market

• Command

• Mixed

In a mixed economy the _______ and ________ work together.

• Government / Individuals

• Individuals / Businesses

• States / Country

• Blah / Blah

This type of business has one owner who takes the risks and keeps the profits.

• Partnership

• Corporation

• Proprietorship

• Manufacturer

Identify the characteristics of the US Economy.

• Free Markets

• Profit

• Competition

• Central Ownership

• Consumer Sovereignty

What term means that people are in charge based on what they buy?

• Consumer Soveriegnty

• Delegation

• Supply and Demand

• Government

Our government stops monopolies in order to promote what?

• Competition

• Anti-trusts

• Amendments

• Specializations

The _______________ acts as our nation's bank, monitors the economy and regulates the money supply.

• Federal Reserve

• District of Columbia

• General Assembly

• Contracts

Federal, State, and Local governments all collect different types of taxes, including, income, sales, and _______ taxes.

• Operational

• Property

• Ceremonial

• Festive

Identify all that are public goods and services created through taxes.

• National Defense

• Roads and Highways

• Post Office

• Restaurants

• Gasoline

This type of business is is governed by a board of directors.

• Corporation

• Proprietorship

• Partnership