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Economy Reassessment
Question | Answer |
---|---|
Competition | lowers the price of goods by making them more widely available to buy for various prices |
Example of workers providing labor | immigrants working in factories |
Entrepreneur | Someone that takes risks in order to create a new business |
Circular flow model | a diagram that is used to represent the money transactions in an economy |
Banks make our economy more efficient by providing specialized financial services such as | checking accounts, savings accounts, and loans. |
________________ must be produced by someone, a business or an organization. | goods and services |
What causes economic behavior to change? | Incentives |
Give an example of how a doctor's profession contributes to the circular flow model. | A doctor keeps people healthy, people can work and make money, people can pay the doctor |
What are the four sectors of the economy? | government, bank, private business, household |
The government pays for goods and public services through | income and sales taxes |