Fundamentals of Economics

Front

What is specialization?

Back

resources to produce a single or few kinds of goods/services

Front

What is a mixed economic system?

Back

both individuals and government make decisions

Front

Tools and machines, a person or a business uses to produce goods and services is called _________?

Back

Capital

Front

A _____________________ buys and use goods and services.

Back

Consumer

Front

When people make and distribute goods as their ancestors did, what type of economic system is it?

Back

Traditional

Front

In a pure market system, who controls production?

Back

Individuals

Front

Ability of individuals and businesses in an economy to buy, sell, and hold property as they wish without fear of government interference or seizure.

Back

Private Ownership

Front

Determines the goods and services an economy produces because businesses will only produce those products that consumers are willing to buy

Back

Consumer Sovereignty

Front

What are Allocation Strategies answering?

Back

How are goods and services being distributed

Front

Which of these terms means the same as "entrepreneur"? Options: Business Owner, Home owner, employee, student

Back

Business Owner