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Civics M6 Review

QuestionAnswer
A(n) ______________ is the method used by a country to determine how best to influence trade and production of goods and services to meet the wants and needs of its people. Economic System
In Country A, the type of job a person does is based on custom. Which economic system does this represent? Traditional
What question might a country consider when determining the best economic system to meet the needs and wants of its people? How is a good made?
_______ is the want, willingness, and resources to buy a good or service. Demand
_______ is when two or more businesses come together that produce the same product. Horizontal Merger
Business A sells beauty products. Business A has decided to purchase two other companies; one that sells pharmaceuticals and one that sells medical supplies. Which type of merger is this describing? Conglomerate
In a perfectly competitive market, there are many businesses offering the exact same good or service. There is plenty of information shared on the price of goods and services to consumers and businesses. How does this affect the price of products? The prices of goods is based on the market equilibrium price
Business C is the only paint store in the country. It has a monopoly on paint sells to home builders, interior designers, homeowners, and more. How does this monopoly affect the price of paint for the consumers? Due to the monopoly Business C has, the price will be higher than the market equilibrium price.
When limited resources prevent us from producing all of the goods and services we want or need we experience _________________. Scarcity
The four factors of production include ________________. Land, Labor, Capital, Entrepreneurship
Created by: nicolecook1