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WorksheetsBusiness Organization - Chapter 2.2 Quiz
Total questions: 11
Worksheet time: 8mins
The three basic economic questions begin with each word except _______ .
how
who
what
why
Economic systems are the methods societies use to distribute ________.
income
resources
possessions
wealth
In a market economy, economic decisions are made _______.
at the top
by industry leaders
by individuals
in the marketplace
The amount of money given or asked for when a service is bought or sold is called its _______.
cost
value
price
worth
The amount of goods that producers will provide at various prices is called the ______.
quantity
stock
reserve
supply
The quantity of goods that consumers are willing to buy at various prices is called the _______.
demand
request
purchase
sale
The point at which the quantity demanded and the quantity supplied meet is called the _______ price.
break-even
dynamic
compromise
equilibrium
In a command economy, key economic decisions are made by _______.
a central authority
entrepreneurs
individuals
capitalists
The United States is primarily a _________ economy.
command
market
consumer
mixed
Another name for a market economy is a ________ system.
competitive
democratic
contemporary
free enterprise
Deciding to use a resource for one purpose and giving up the chance to use it for something else is
sacrifice.
trade-off.
opportunity cost.
risky.
