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Economics Chp. 2
Richter-Economics Chp. 2-CHS
| Question | Answer |
|---|---|
| ___ is what remains after the costs of doing business have been met. It is the difference between a firm's total revenues and its toatl costs. | Profit |
| Another type of system is a ___. People in this system rely on traditions or customs to make the "what, how, and who" choices. | traditional economy |
| In this type of system, the government holds most property rights. This type of system is called a ___ because the government issues commands to make the "what, how, and who" choices. | command economy |
| In this type of system, the desire to own something and the ability to pay for it is dictated by the consumer. Consumers buy more of a good when its price decreases and less when its price increases. | demand economy |
| The blend of voluntary exhange and government command has led some economists to describe the U.S. economic system and those of most other democratic countries as ___. | mixed economy |
| The ___-private property, the price system, market competition, and entrepreneurship- are essential to the success of any market economy. | "pillars" |
| ___ include everyone living in the U.S.; they play two important roles in the economy: they are consumers and resource owners. | Households |
| ___ use the goods and services that businesses produce. | Consumers |
| ___ own all the economy's resources. | Resource owners |
| ___ are voluntary exchanges between consumers and businesses. Consumers trade their money for goods and services produced by businesses. | Goods and services markets |
| ___ are voluntray exchanges between resource owners and businesses. Businesses trade their money for consumers' resources. | Resource markets |
| The process of production and exchange creates a ___. Money flows from households to businesses in exchange for goods and services and from businesses to households in exchange for labor. | circular flow |
| Anything that is used to determine value during the exchange of goods and services is a ___. | medium of exchange |
| Something that keeps its value if it is stored rather than used is referred to as a ___. | store of value |
| ___ is an exchange of goods and services without money. | Barter |
Created by:
pennyboone
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