Semester Test Review 3

Match it! Select the correct answer from the pull down...Good luck!

What is NOT a question every economic system must answer?

If a person chooses to buy a pair of shoes instead of a new jacket, what does the jacket represent in economic terms?

Business Cycle, highest point or period of prosperity.

The four types of business are corporation, sole proprietorship, franchise, and what else?

Growth occurs or the GDP goes up.

Government attempt to manage economy through taxing, spending, or borrowing

Lowest point

All the money that has been borrowed over the years, but has not been paid back.