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CE U8b: US Economy
Full Unit Review
| Term | Definition |
|---|---|
| Virginia and the United States _______________ in the production of certain goods and services, which promotes efficiency and growth. | specialize |
| What is one reason that nations and states trade? | to buy goods they cannot produce well themselves |
| Using technology in the global economy has led to a(n) _______________ of the cost of production | decrease |
| In the circular flow of economic activity, both individuals and businesses | can get loans from banks |
| In the circular flow of economic activity, households can _____________ money in banks. | save |
| In the circular flow of economy activity, the government uses tax money to | provide public goods and services |
| In the circular flow of economic activity, households use their wages and salaries to | buy goods and services from businesses |
| Rivalry between producers or sellers of a good or service. | competition |
| _______________: What is given up when a choice is made—i.e., the highest valued alternative is forgone. Individuals must consider the value of what is given up when making a choice. | opportunity cost |
| ____________________________: the amount of a good or service that consumers are willing and able to buy | demand |
| ___________________: the amount of a good or service that producers are willing and able to make and offer for sale | supply |
| ________________: Earnings after all expenses have been paid | interest |
| A ______________________ exists whenever buyers and sellers exchange goods and services. | market |
| Government intervenes in a market economy when the perceived benefits of a government policy outweigh the anticipated costs. This leads to a | mixed economy |
| What is not included as part of private property in the United States? | public property |
| The amount of a good or service that producers are willing and able to sell at a certain price is | supply |
| A Corporation is a form of business with -- | status as a legal entity |
| Using goods and services is known as | consumption |
| The circular flow of economic activity, individuals sell their human resource (labor) in return for -- | Wages |
| Consumers determine through purchases what goods and services will be produced. What is the vocabulary term for that idea? | consumer sovereignty |
| What leads to the production of higher quality goods at a lower price? | Competition |
| What type of economy does the United States have? | Mixed Economy |
| What type of resource is pictured here? | Capital |
| What type of business organization has the advantage of limited liability? | Corporation |
| According to the scenario, Tim's earnings after all expenses have been paid are his— | Profit |
| What type of business? The Coca-Cola company must share its profits with shareholders. | Corporation |
| Who are the decision makers for the private sector in the U.S. economy? | Individuals and businesses |
| A Proprietorship is a form of business organization with -- | 1 Owner |
| Interaction of supply and demand determines— | price |
| A Partnership is a form of business organization with -- | 2 or more Owners |
| What type of Business? Tim is a baker who owns his own business, pays all the bills, and gets to keep all of the profits. | Sole Proprietorship |
| What is the main risk an entrepreneur takes to start a business? | Loss of Investment |
| An Entrepreneur is - | A Person who takes risks to produce and sell goods and services in search of Profit |
| Which type of business is authorized to act as a legal entity, regardless of the number of owners? | Corporation |
| What type of business? Margie and Seth decide to open a landscaping business together. These two owners will share the risks and the profits. | Partnership |
| According to the scenario, the yard sale down the road is an example of— | competition |
| In this scenario, Kate is a(n)— | consumer |
| What is determined by consumer preference and price? | production |
Created by:
ElliottED
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