Front

Which of the following best describes economic goods? Goods that are free for everyone, Goods that are scarce and have a price attached, Goods that are unlimited in supply, Goods that are not useful to society

Back

Goods that are scarce and have a price attached

Front

What is a key component of economic activities?

Back

Production, distribution, exchange, and consumption

Front

Which type of economic resource refers to the physical and mental effort people use to produce goods and services?

Back

Human resources

Front

What is a characteristic of a traditional economic system?

Back

Decisions based on customs, traditions, and rituals

Front

How does entrepreneurship impact market economies?

Back

It fosters innovation, creates jobs, and drives economic growth

Front

What is the difference between gross and net profit?

Back

Gross profit is before expenses, while net profit is after expenses.

Front

Which of the following is an example of a noncontrollable expense for a business? Employee salaries, Utility bills, Marketing expenses, Taxes

Back

Taxes

Front

What is the primary role of the Federal Reserve System?

Back

Regulating the money supply and interest rates

Front

Which market structure is characterized by a large number of firms competing with similar products?

Back

Perfect competition

Front

What phase of the business cycle is characterized by declining economic activity?

Back

Contraction