Warmup: U.S. Economy

Front

The economy in the U.S. can be categorized as a _______________________.

Back

mixed economy

Front

Which of the following is considered a "risk-taker"? labor, consumer, government, entrepreneur

Back

entrepreneur

Front

How are prices of goods and services determined?

Back

It is based on the interaction of supply and demand.

Front

The following example describes which economic characteristic?
Nike creates a new glow-in-the-dark shoe but it did not make the profits they intended. Eventually, Nike decides to stop the production because consumers did not purchase the product.

Back

consumer sovereignty

Front

Scarcity forces uses to make a __________. We have to make these because resources are limited.

Back

choice

Front

Which of US economic characteristic is described below? "Markets can generally operate without very little government interference. The interaction of supply and demand determine the price of goods and services"

Back

free enterprise

Front

Which US economic characteristic is described as "As buyers make purchases, we ultimately decide what goods and services will be produced. There is very little government intervention in the economy and many of the decisions are made by private businesses"?

Back

consumer sovereignty

Front

Which US economic characteristic is described below? "As producers make own our personal property or the factors of production. This is done with very little to no government interference. The government makes rules on property rights "

Back

private property

Front

Which of the following is a proprietorship?

Back

A form of business organization with one owner who takes all the risks and all the profits.

Front

Which of the following is a corporation?

Back

A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners.