9 Weeks Test

1. Type of economy where decisions are made by the government alone
3. Curved graph showing all possible combinations of maximum resource usage between two products.
7. Type of economy where decisions are made by private entities
9. Temporary period of demand outweighing supply
12. A select few companies dominating the market and selling similar products.
13. Capital, labor, entrepreneurs, and land
15. One company completely dominates the market, many barriers to entry
18. Business owned and managed by two or more people together
19. All of the money in circulation
21. A decision made between two desirable outcomes
22. The cost of the next best thing
24. Business owned and managed by one person
25. Being legally responsible for a business; Sole proprietorships and partnerships have it unlimited, corporations have it limited

1. Tools, equipment, and machinery used in production
2. Type of economy based on customs passed down through a bloodline, very barebones
4. Competition with several businesses all providing the same product, few barriers to entry
5. Official currency of a country
6. Individuals who take a risk to create a business
8. Workers who do the work for a business
10. Type of economy that combines elements of traditional, command, and market economies
11. Competition with many businesses providing similar products, with difference between businesses
14. Business owned by shareholders and managed by a completely separate group of people
16. Natural resources required for production
17. Central bank of the US that loans money out to other smaller banks
20. Unlimited needs and limited resources; permanent
23. Money made from a business sale; Revenue - Production Costs