What economy is characterized by being a combination of a market and a command economy?

Economic activities that are controlled by the government are considered what type of economy?

How individuals seek to satisfy needs and wants through choices and allocation of resources?

Land, air, water are examples of what type of resource?

Technology, buildings, equipment is considered to be kind of resource?

Recognizing the need for new goods or services is considered what type of resource?

Using a person's skills and knowledge to get needs and wants is what kind of resource?

Advantage of command economy?

What is a disadvantage in a Traditional economy?

Scarcity is:

The amount of good or services available is called?

A person or company that makes, grows, or supplies goods to sell is called the?

The desire or willingness a consumer has to purchase a good or a service is called?

Which country has a true market economy?

Susan invented a car engine that runs on fruit skins. She has received numerous investors for her business idea, located an empty garage to house her business, and is ready to begin operations of her new business. Before opening her business, Susan should apply for a:

A Business's name or logo. (example: Nike check, Mercedes Benz logo)

A musician writes and song and doesn't want anyone else using the lyrics or recording. What must he or she apply for?

The Fair Use Doctrine permits limited use of copyrighted material without having to first acquire permission from the copyright holder.

The Fair Use Doctrine permits limited copying of copyrighted works

A person incentive to work to make money

Items necessary for existence, such as clothing, food, and shelter.

Items you wish you could have, or something you _____

A person who uses goods or services

A Person that purchases the Goods and/or Services

Items that business sell that can be physically weighed or measured, IPODs, CDs

Task performed or provided for customers, such as hair cut or car wash

Type of business owned and run by one person

A business owned by two or more people

Type of business where you use parent companies name and sell their goods

Business whose goal is to provide a service rather than to make the profit

Business owned by stockholders

The process of recording and reporting the financial data for a business.

The process of leading and directing all or part of an organization

The process of creating, promoting, and presenting a product to the consumers

Part of business that deals with support and maintenance of computers and software

The activities that deal with the hiring, firing, training and other personnel

The activities involved in the day-to-day running of a business. Behind scenes

Contest between businesses to win customer's business and loyalty

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

When supply and demand intersect on the graph is called?

A group of buyer and sellers of a particular good or service. Where buyers go to buy and sellers go to sell.