Business Management Econ St 1 - 2

Front

Which economic system is characterized by combining private and public enterprise?

Back

Mixed

Front

An economy in which production, investment, prices, and income are determined centrally by a government?

Back

command

Front

Which of the following refers to science that deals with production, distribution, and consumption of commodities? A country’s ability to satisfy it’s people’s wants AND needs.

Back

Economics

Front

In a free-market economy, what will generally happen to the supply of a product if its price goes up?

Back

supply will go up

Front

If there was a hurricane in Florida and the orange crops were destroyed, what would happen to the price?

Back

The price would increase

Front

An economic system combining private and public enterprise?

Back

mixed

Front

Price - Cost =

Back

profit

Front

The amount of a good or service offered for sale

Back

supply

Front

The desire of purchasers, consumers, clients, employers for a particular commodity (good) or service

Back

demand

Front

the state in which market supply and demand balance each other, and as a result prices becomes stable

Back

equilibrium