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Civics: Economics
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Civics: Economics
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25 Questions

1. The government or a central authority owns or controls the factors of production and makes the basic economic decisions

2. One that is a mixture of the three basic systems

3. The price at which buyers and sellers agree to trade

4. The practical application of science to commerce or industry

5. The amount of a product or service that buyers are willing and able to buy at different prices

6. The payment for use of capital

7. The basic economic decisions are made according to long-established patterns of behavior that are unlikely to change

8. A plan by which a company gives protection from the cost of injury or loss

9. Idea that resources are always limited compared with the number and variety of wants people have

10. Indirect payments for work

11. Amount

12. The act of buying or using goods and services

13. The highest valued benefit given up when a choice is made

14. Expenses that have to be paid regularly - usually every month - such as rent and car payments

15. A person who starts a business

16. Resources people have for producing goods and services to satisfy their wants

17. The action of using your money to help a business get started or grow - with the hope that the business will earn a profit in which you can share

18. Refuse to buy

19. The process by which representatives of unions and business try to reach agreement about wages and working conditions

20. A system in which private individuals own the factors of production and are free to make their own choices about production - distribution - and consumption

21. Expenses that change from month to month

22. Payments from the profits of companies in which they own stock

23. Anything produced in an economy that is used to produce other goods and services

24. A business owned by an individual

25. A type of business in which two or more people share ownership

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