___________ are used to change economic behavior.

What is the inability to satisfy all wants at the same time?

Which of the following BEST characterizes a command economy?

What is given up when a choice is made:

The interaction of these two determines price

When the "customer is king" and buyer choices determine what is produced:

The US is considered this type of economy

Revenue - all expenses = ____________

True or False: competition results in better quality and lower prices

In the Soviet Union, the government owned all the resources and government planners dictated what & how much was produced. What type of economy was this?

What type of economy has private ownership of property, lots of competition and individual choice, and very limited government involvement in the economy

The extent of government involvement in economic decision making determines the

Cuke Cola produced a new drink that did not make a profit. Cuke decided to stop production of the drink because consumers did not buy it. This is an example of which economic characteristic?

In 1978, two friends decided to take a risk and open an ice cream business in Vermont. Today Ben & Jerry’s has become a worldwide business. What type of business ownership did Ben & Jerry’s start out as?

In which type of business ownership are the profits shared but the risks are limited to the amount of the investment?

A form of business organization with one owner who takes all the risks and profits is known as

A person who takes risks to produce goods/services in search of profit is...

In the economic flow model, households own all the resources (labor, land, capital). The sell these resources to

Governments use tax revenue from people/businesses to provide

In the economic flow model, businesses buy resources from households in order to

Which of the following earns interest?

Iceland is way too cold and I wonder why people live there. Anyway, the climate makes it hard to produce certain foods the people need. What should they do?

The use of technology lowers the cost of....

In Gloucester, citizens were unhappy that only one company provided cable service. In order to promote competition, the government offered help to entrepreneurs to start another cable business. What way of promoting competition is this?

Government provides some goods (like interstate highways) because they would not be produced if ....

This constitutional amendment authorized Congress to tax personal/business incomes:

The central bank of the United States is called the

Who regulates banks to ensure the soundness of the banking system?

True or False: The government passes laws and creates agencies to protect our consumer & property rights

The types of money generally used in the U.S. are coins, currency (paper Federal Reserve notes), and