Unit 10 Review: (CE.12a, CE.12c-f)

Front

There are four types of economic systems. Most economies in the world including the United States are _____ economic systems.

Back

Mixed

Front

What term means markets operate with little government intervention?

Back

Free Enterprise

Front

What determines the price of goods and services?

Back

Supply and Demand

Front

In the United States economy, businesses and individuals have the right to own ____________________.

Back

Private Property

Front

What does a business have left after all the bills have been paid? (HINT: Earnings minus Expenses)

Back

Profit

Front

_________________ results in lower prices and better quality goods and services.

Back

Competition

Front

What term fits this description? "Consumers determine through purchases what goods and services will be produced."

Back

Consumer Sovereignty

Front

What type of business organization limits liability and is authorized by law to act as a "legal person" regardless of the number of owners?

Back

Corporation

Front

What type of business organization has one owner who takes all the risks and all the profits?

Back

Proprietorship

Front

What type of business organization has two or more owners who share risks and profits?

Back

Partnership