Bartering is the exchange of goods and services without the use of _____.
answer
money
question
A place where people exchange goods and services is called a _____.
answer
market
question
Voluntary exchanges happen when both parties expect to _____.
answer
gain
question
Markets distribute goods and services based on _____.
answer
price
question
Made-Up Music owns 25 percent of the music market. Twenty-five percent refers to this company's _____.
answer
market share
question
Rajiv is a person whose wants are satisfied by using goods and services. Rajiv is a _____.
answer
consumer
question
Which of the following economic questions involve a consumer?
answer
What goods and services will be produced?
Who will buy the goods and services?
How will the goods and services be produced?
question
Something that people put money into in hopes of making more money is called a(n) _____.
answer
investment
question
You learn that a popular shoe company, FABSHOES, has factories overseas where the employees are treated badly and in some cases beaten. As a consumer, how could you impact the producers to change the way they treat their employees?
answer
you and your friends get a campaign together to protest by urging friends to stop buying FABSHOES
question
Consumers are willing and able to buy goods and services. This describes the ? of these goods and services
answer
demand
question
Inventors and entrepreneurs are:
answer
are often one and the same
can work together to innovate products and bring them to stores
often need one another to start new companies
question
Entrepreneurs and other producers accept risks because they hope to earn _____.
answer
profits
question
Losing money and working long hours are ? for an entrepreneur.
answer
disincentives
question
Labor is a _____ used to produce goods and services.
answer
human resource
question
Brian is considering a job offer. Incentives for taking the job may include _____.
answer
high salary
benefit package
safe work environment
manageable work schedule
question
People receive income by exchanging human resources for ? or ?.
answer
wages/ salaries
question
Employers want workers that provide the _____.
answer
highest returns
question
What is a short-term benefit for a company to regularly keeping wages low?
answer
The company can keep costs to a minimum.
question
To maintain effective levels of competition in as many markets as possible, the government enforces ?.
answer
antitrust laws
question
A ? is a company that owns most of its market share and can set its own price.
answer
monopoly
question
Some employers, labor unions, and _____ can help workers receive fair pay and safe work environments.
answer
the government
question
Shoe for All Company was a monopoly. But then competition was allowed to enter its market. As a result of this competition, the prices at Shoe for All Company were likely to:
answer
drop
question
A legal obligation that involves repaying a debt is called a _____.
answer
liability
question
Knowing that you are buying one pound of bread is part of _____.
answer
standards for weights and measures
question
A song is an example of a(n) ? .
answer
intangible asset
question
The government protects the rights of inventors by issuing _____.
answer
patents
question
Knowledge that gives a producer an economic advantage over other producers is called a _____.
answer
trade secrets
question
By providing intellectual property rights, a government provides people with the incentives to ?money.
answer
earn
question
The amount of one currency that can be traded for a unit of another currency is called the _____.
answer
exchange rate
question
A patent protects inventors by:
answer
Keeping others from using the invention without the permission of the inventor.
question
Lower production costs can allow companies to _____.
answer
charge lower prices
question
When Ricky sells his used desk for $50, money is a _____.
answer
medium of exchange
question
Julio is given $10 in allowance money. He heads down to the store and finds two games that he can buy. In comparing the prices of these goods, Julio is using money as a _____.
answer
unit of account
question
Forms of money in the United States consist of paper money, coins, and _____.
answer
checking account balances
question
Select the items that apply to money made from precious metals and paper.
answer
easily divisible
valuable
durable
question
Bartering involves exchanging goods and services. But today, ? can be exchanged for goods and services.
answer
money
question
In a barter economy ______.
answer
you place the value on the goods you want to barter
question
In a world of bartering, Naomi produces a lot of goods on her own. In a world with money, she can? her dream of teaching.
answer
specialize in
question
A set of written directions that tell a bank how to use money to pay someone is called a
answer
check
question
Economies of scale involve decreasing ? as output rises.
answer
average cost
question
How might a battered women's shelter organize differently from a skateboard shop? Select all that apply.
answer
-the women's shelter would look for space that could temporarily house women and children where a skate shop would look for property that had a secure storage space for stock
-a skate shop would have a solid profit and loss strategy and a women's shelter would developed a clear fundraising strategy
-a skate shop's main focus would be on goods, a women's shelter's main focus would be on services
question
Which of the following are capital sources for corporations? Select all that apply.
