Chapter 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| 3 economic questions? | What goods will be produced, How will they be produced, and for whom will they be produced.
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| Who decides what goods will be produced? | The business
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| Who decides how the goods will be produced? | Individuals who own and/or manage businesses
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| Who decides for whom will the goods be produced? | Those who are willing and able to buy them
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| 5 features of Free enterprise? | Private Property, Choice Voluntary Exchange, Competition, Incentives
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| What is private property? | Any good owned by an individual or business
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| What is public poverty? | Any good owned by the government
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| What is a worker's choice? | They choose their jobs
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| What is the businesses choice? | They choose the products they will make, the price, quantity, and process
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| What is the buyers choice? | They choose the products they will buy
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| Voluntary Exchange? | Individuals have the right to make exchanges
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| Competition? | Individuals and business are free to compete with each other
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| What is the consumers benefit? | Bigger selection, better quality lower prices and better service
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| What is the worker's benefit? | Higher wages
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| What is an incentive? | encourages or motivates you to do something
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| What is profit? | Money left over after the cost of production has been paid
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| Total revenue? | Price of a good times Quantity sold
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| Total Cost? | Average cost of production times quantity made
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| Resources flow towards...? | Profit
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| Resources flow away from...? | Losses
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| What are ethics? | Right and wrong, morals
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| What is an entrepreneur? | A person with a special talent to search new ideas, opportunities, and products
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| Entrepreneurs develop...? | New business opportunities, new products, and new ways of doing things
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| Government's Role in the free economy under free enterprise? | They enforce contracts and provide public goods
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| What is a contract? | An agreement between 2 or more people to do something
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| Public goods? | Benefits more than 1 person, and cannot be denied to anyone
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| Private goods? | Benefit is denied to all others except the owner
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| What is a free rider? | Persons who receive the benefits of a good without paying for it
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| What is the circular flow? | It shows the economic relationship between households, Government, and Businesses
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| Businesses pay...? | Taxes to government
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| The Government provides...? | Benefits to businesses and households
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| Households pay...? | Taxes to the government
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| Businesses provides...? | Goods and and services to households
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| Households provides..? | Labor to businesses
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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