Economics Terms 2 Question Preview (ID: 17759)
Basic Economic Terms 2.
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Earnings after all expenses have been paid. Is known as?
a) Profit
b) Price
c) Amount
d) Demand
Through their purchases, consumers determine what goods and services will be produced. Is known as?
a) Corporation
b) Competition
c) Consumer Sovereignty
d) Partnership
A form of business organization with one owner who takes all the risks and all the profits. Is known as?
a) Corporation
b) Proprietorship
c) Partnership
d) Profit
A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment. Is known as?
a) Corporation
b) Command Economy
c) Partnership
d) Proprietorship
Private ownership of property/resources, profit motive, competition, consumer sovereignty, individual choice, and minimal (i.e. taxes only) government involvement in the economy.
a) Profit
b) Traditional Economy
c) Command Economy
d) Free Market Economy
Individual and businesses are owners and decision makers for the private sector. Government is owner and decision maker for the public sector. Most countries today have this type of economy. Is known as?
a) Free Market Economy
b) Mixed Economy
c) Command Economy
d) Traditional Economy
Central ownership (usually by government) of property/resources, centrally-planned economy, and lack of consumer choice. Is known as?
a) Freaditional Economy
b) Free Market Economy
c) Command Economy
d) Mixed Economy
Economic decisions are based on custom and historical precedent.
a) Traditional Economy
b) Command Economy
c) Free Market Economy
d) Mixed Economy
A form of business organization with two or more owners who share the risks and the profits. Is known as?
a) Consumer Sovereignty
b) Proprietorship
c) Corporation
d) Partnership
Rivalry between producers and/or between sellers of a good or service. Usually results in better quality goods and services at lower prices. Is known as?
a) Profit
b) Competition
c) Consumer Sovereignty
d) Profit
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