Health care availability, a clean environment, and good schools all contribute to a high quality of life.

Product differentiation is a key to success in monopolistic competition.

A monopoly occurs when there is a single seller for a product or service.

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business.

The point of intersection between the supply and demand curves is called the stress point.

Tools, machinery, and buildings are examples of capital resources.

Taxes and government regulations (minimum wage) are part of the economic and legal environment in which businesses operate.

Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.

The major benefit of socialism is that it creates strong incentives to work hard and take the risks associated with starting and operating a business.

Credit Cards is one of the five factors of production that contribute to the creation of wealth.

Resource development is the study of how to increase resources and to create the conditions that will make better use of those resources.

The term 'standard of living' refers to the amount of debt people incur on a given income.

Entrepreneurship is one of the five factors of production that contribute to the creation of wealth.

E-commerce is the buying and selling of goods online.

Technology refers to everything that makes business operations more effective, efficient, and productive.

Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

The United States is considered to have a high standard of living.

Aliyah has started a mobile salon service. While she recognizes the risks involved in operating a business, she is still willing to invest her time, effort, and money in hopes of earning a profit. Aliyah is an example of an entrepreneur.

A free-market economic system is one in which the market of buyers and sellers decides what is produced, how much is produced, and how it is distributed.

Microeconomics is the economic perspective that looks at the operation of a nation's economy as a whole.

In capitalist countries, the government decides what to produce and how the goods and services will be produced.

An entity that seeks to earn a profit by providing a good or service is known as a(n)

A business incurs a __________ if its costs and expenses exceed its revenues.

A(n) __________ is a person who assumes the risk of starting a business.

__________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.

The amount of goods and services people can buy with the money they have is called their

The resources that contribute to the creation of wealth are known as

Which is considered a factor of production?

What is a benefit of owning your own business?

An increase in global trade will most likely

__________ is the study of how a society employs its limited resources to produce goods and services and how it distributes them among competing groups and individuals.

__________ studies the operation of a nation's economy as a whole.

The study of how to increase the amount of available resources and create conditions that will make better use of these resources is known as

__________ is the name of a free-market economic system in which most factors of production and distribution—such as land, factories, railroads, and stores—are owned by individuals.

A(n) __________ curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period.

__________ is the market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product.

Efforts by the Federal Reserve Bank (the Fed) to control the money supply and interest rates are known as __________ policy.

When the federal government's collection of tax revenues is less than what it spends in a given year, it results in a

__________ policy refers to the efforts of the federal government to keep the economy stable by increasing or decreasing taxes and/or government spending.

__________ refers to a general rise in the price level of goods and services over time.

The total value of final goods and services produced within a nation's borders in a given year is known as that nation's

__________ exists when a large number of firms produce goods that are similar but customers believe there is a difference.

Which statement is accurate about capitalism?

What are the tools the Federal Government uses in Fiscal policy? (2 answers are correct)

The management of the money supply and interest rates by the Federal Reserve.

Which statement about the Federal Reserve Bank (the Fed) is most accurate?

A benefit of a free market can be that

What is a disadvantage of starting your own business? (2 correct answers)

Which of the following is an advantage of becoming an entrepreneur?

Honda is a Japanese company but they manufacture cars here in the USA. The cars sold in the USA do NOT count towards the USA GDP.

What does it mean if a country's GDP is increasing?

Which of the following is a measure of the total economic output of a country?

John is 21 years old and in college pursuing his degree in Business Economics. He does not have a job and is not looking for one with his busy school schedule. John would be included in the calculation for Unemployment rate.

As a society, we have unlimited wants but there are limited resources for us with which to produce. This is called...

Adam Smith had a theory where he believed that people would work hard if they knew they would be rewarded for their hard work. This theory is called..

When a government brings in more money than they are spending, this is called...

What is the primary characteristic of an oligopoly market structure?