The is the first of 3 quizzes that students can take online to review for the final.
A car
A tune-up
A car wash
An oil exchange
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Command
Democracy
Traditional
Market
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Economic freedom
Government control
Voluntary exchange
Private property
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Land
Labor
Capital
Services
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Attempt to start a new business
Attempts to introduce a new product
Risks failure for financial gain
Has absolute control over the resources
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By deciding what to purchase
By working for business
By becoming an entrepreneurs
By saving their money
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What will it cost ?
What to produce?
How to produce it?
For whom to produce?
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Capital
Service
Durable
Consumer
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Competition
Costs
Efficiency
Employment
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Production possibility
Opportunity costs
Choice
Frontier
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Consumer
Government
Producer
Service
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Sole proprietorship
Partnership
Corporation
Cooperative
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Ease of raising money
Ease of establishment
Ease of management
Freedom from business income tax
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Attribute economic growth to the Invisible Hand
Was one of the people to explain how the market operates in a pure economy
Believed producers must sell the right products for the most profit
Was the Founder of Socialism
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Show the possible combinations of two products
Measure production combinations in terms of opportunity costs
Assumes that the amount of available resources will change with time
Assumes that resources and technology are being used most efficiently
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Closest to the pure-market model
Individuals own and control almost all factors of production
Government intervention is limited
Profits are limited
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Proxy
Unlimited liability
Limited life
Board of directors
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The process of creating goods and services
The use of the four factors of production
The efficient use of productive resources
The specialization of productive inputs
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