Q 1 Review IB

3. Policy that regulates the supply of money and interest rates in an economy is called a(n)
4. The measure of the average change in the prices paid by consumers for typical consumer goods and services over time is called the
6. The science that examines how goods and services are produced, sold, and are used is called
7. A market structure with one business that has complete control of a market’s entire supply of goods or services is called a(n)
11. a business that buys products from wholesalers or directly from producers and sells them to consumers to make a profit.
13. purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers.
14. economy is one in which individuals are free to make their own economic decisions.
15. A form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships is called
17. is the general rise in prices throughout an economy.
18. A form of business ownership that provides limited liability to its owners, but is taxed as a partnership is a(n)

1. The percentage of the civilian labor force that is unemployed is called the
2. when two or more individuals create a business
5. The market value of all final products produced in a country during a specific time period is called
8. usiness is used to support a cause rather than profit for its owners.
9. An individual’s ideas of what is right and wrong are called
10. A period when the economy is growing and the GDP is rising is called
12. goods are the products businesses use to produce other goods.
16. competition is when a lower price is the main reason customers buy from one business over another.