This is the money left after ALL costs of production - wages, rents, interests, and taxes - have been paid
PROFIT
Oops!
Check
Okay!
Check
15
TRUE or FALSE: In a Mixed Economy there is no one can have private ownership of property.
FALSE
Oops!
Check
Okay!
Check
20
___ means that people do not have and cannot have enough income, time and other resources to satisfy their every want.
SCARCITY
Oops!
Check
Okay!
Check
20
A decrease in the price of gas will: INCREASE or DECREASE the quantity supplied?
DECREASE
Oops!
Check
Okay!
Check
seesaw
Swap points!
Oops!
rocket
Go to first place!
Okay!
fairy
Take points!
5
10
15
20
25
lifesaver
Give 25 points!
Oops!
seesaw
Swap points!
Oops!
shark
Other team loses 15 points!
Okay!
gift
Win 20 points!
Okay!
banana
Go to last place!
Oops!
15
This is the rivalry among producers and sellers of similar goods & services to win more business
COMPETITION
Oops!
Check
Okay!
Check
15
This is an economic system in which the government minimizes its interference with the economy.
LASSAIZ-FAIRE
Oops!
Check
Okay!
Check
15
An unemployed factory worker is an example of which Factor of Production?
LABOR
Oops!
Check
Okay!
Check
20
What are the 4 Factors of Production?
CAPITAL, ENTREPRENEURSHIP, LAND, LABOR
Oops!
Check
Okay!
Check
15
This is a social science that focuses on how people and societies make choices.
ECONOMICS
Oops!
Check
Okay!
Check
20
USE THE GRAPH: If you produced 60 pairs of shorts, how many jeans would you be able to produce?
80 JEANS
Oops!
Check
Okay!
Check
15
What is another name for Market Economy?
CAPITALISM
Oops!
Check
Okay!
Check
25
My best friend and I have been helping people unable to get out of their homes by doing grocery shopping and running other errands. We have decided to turn this into a formal business. What type of biz organization should we choose?