Economics Final 4
Quiz by April MacNamee
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17 questions
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- Q1the concept that everyone can compete in the marketplaceOpen opportunity30s
- Q2the principle that everyone has the same legal rightsLegal equality30s
- Q3The desire to make a profit, which moves people to invest in businessProfit motive30s
- Q4the concept that people may decide what agreements they want to enter intoFree Contract30s
- Q5all natural resources used to produce goods and servicesLand30s
- Q6Human effort directed toward producing goods and servicesLabor30s
- Q7money or wealth used to invest in business or enterpriseCapital30s
- Q8involves the creativity and risk needed to develop new goods and servicesentrepreneurship30s
- Q9Economic system where private businesses compete with little government interferenceFree Enterprise30s
- Q10the study of how households and firms make decisions and how they interact in marketsMicroeconomics30s
- Q11the study of the behavior and decision making of entire economiesMacroeconomics30s
- Q12something you truly can not live withoutneed30s
- Q13recognition of an unfulfilled need and a product that will satisfy itwant30s
- Q14person who creates or provides a good or serviceproducer30s
- Q15A person who purchases goods and services for personal useconsumer30s