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MIDTERM REVIEW IN ECON
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This is a type of business organization focusing on doing a special project together, and not want to continue this partnership beyond that project.
JOINT VENTURE
This is a type of business organization of a special form of partnership wherein the partners aren't equal: one is a general & the other is a limited partner.
LIMITED PARTNERSHIP
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?
PARTNERSHIP
A decrease in the price of gas will: INCREASE or DECREASE the quantity supplied?
DECREASE
Government just gave subsidies to Farmers for the production of poultry products. What will happen to the supply of poultry products - SHIFT TO THE LEFT or SHIFT TO THE RIGHT?
SHIFT TO THE RIGHT
TRUE or FALSE: In a Mixed Economy there is no one can have private ownership of property.
FALSE
TRUE or FALSE? The Gee Planning Administration for the island nation of Narnia met to determine production quotas for consumer goods. *At the end of their planning, the Administration would seek input from consumers as to what they want.
FALSE
What is another name for Market Economy?
CAPITALISM
USE THE GRAPH: If you produced 60 pairs of shorts, how many jeans would you be able to produce?
80 JEANS
___ means that people do not have and cannot have enough income, time and other resources to satisfy their every want.
SCARCITY
An unemployed factory worker is an example of which Factor of Production?
LABOR
This is a social science that focuses on how people and societies make choices.
ECONOMICS
What are the 4 Factors of Production?
CAPITAL, ENTREPRENEURSHIP, LAND, LABOR
This is the rivalry among producers and sellers of similar goods & services to win more business
COMPETITION
This is the money left after ALL costs of production - wages, rents, interests, and taxes - have been paid
PROFIT
This is an economic system in which the government minimizes its interference with the economy.
LASSAIZ-FAIRE


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