EOC Survivor Season 3 Chapters 18-26. Question 1 What is the desire to make money called? (Profit...
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Transcript of EOC Survivor Season 3 Chapters 18-26. Question 1 What is the desire to make money called? (Profit...
EOC Survivor
Season 3Chapters 18-26
Question 4
What are 2 places you can go to get a loan?
(Commercial banks, S&Ls, finance stores,
and Credit Unions)
Question 5What are the 3 basic
economic questions that all societies must answer?
(What to produce, how much to produce, for whom to produce?)
Question 11
Give an example of a government-run monopoly.
(Post Office, electric co., cable co., etc.)
Question 13
What word means that our country is reliant upon other nations through trade?
(Interdependence)
Question 14What type of tax is the
largest source of revenue for the federal government?
(Individual income taxes)
Question 16
What is the largest expenditure for the federal government?
(Entitlements or payments to individuals)
Question 21
This word means a rivalry of sellers so that no one producer can control the market.
(Competition)
Question 25
This is the total dollar value of all final goods produced in a country in a year.
(GDP)
Question 31What term refers to the amount charged where supply and demand intersect?
(Equilibrium or Market Price)
Question 34
Which type of economic system is also called a mixed economy as a blend of communism & capitalism?
(Socialism)
Question 35
What 3 benefits does competition bring to consumers?
(Lower prices, better quality, more selection)
Question 38What do you call the resources needed to produce goods and services? (Factors of production)
Question 39What is the study of how people satisfy unlimited wants and needs with what they have available?
(Economics)
Question 40
This is the idea that as prices increase the amount people want decreases.
(Law of Demand)
Question 43What are two average fixed costs that most businesses have?
(rent/mortgage, utilities, wages, etc.)
Question 44
What is a business owned by 2 or more individuals for their own profit called?
(A Partnership)
Question 45
This is the idea that as prices increase the amount producers sell increases.
(Law of Supply)
Question 47What is a person who takes a risk to offer or make a new good or service called?
(Entrepreneur)
Question 49
A business that is treated like an individual under the law is what type of business?
(A Corporation)
Question 51
What is a comparative advantage that Saudi Arabia has over the US?
(They can produce oil much more cheaply than
we can)
Question 53Why is Free Enterprise System
a good name for the US economy?
(Because individuals start and patronize businesses with
little government interference)