Chapter 11 Entrepreneurship and the Economy

Front

In which type of economic system do suppliers and consumers control production and price of goods?

Back

market

Front

The United States has which type of economic system?

Back

market

Front

Economics is

Back

a social science, the study of how people satisfy their wants and needs, the study of how economies work

Front

In economic terms, scarcity occurs when: not enough money is available for people to buy things, natural resources have been used up, there is not enough of a good or service to meet the demand for it, too much money is chasing too many goods or services

Back

there is not enough of a good or service to meet the demand for it

Front

In a command economy, the government controls ownership, property, prices, and all of the above.

Back

all of the above

Front

The cash and goods a business owns are its

Back

capital

Front

A country’s economic system is also called its

Back

economy

Front

In a market economy, the government does not tell businesses what to produce or consumers what to buy.

Back

true

Front

An economic system is a method used by society to allocate goods and services among its people.

Back

true

Front

Another name for "business" is

Back

enterprise