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Econ 103 Final Exam Questions & Answers 100% Correct!

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Characteristics of a market economy - ANSWER-- Self-interest - Capitalism - Private Property Competitions requires what two things? - ANSWER-- Two or more buyers and sellers - The freedom to enter or leave markets Human-specialization is referred to as... - ANSWER-Division of Labor Characteristics of a Command Economy - ANSWER-- Socialism - Communism - Government owned resources A business owned and operated by a single individual is a... - ANSWER-Sole Proprietorship A business where two or more individuals who agree to own and operate together and share all losses and profits is a(n) - ANSWER-Partnership A business that is independent legal entity is a(n) - ANSWER-Corporation A market where goods and services, produced by businesses, are bought and sold is a(n) - ANSWER-Product Market A market where households sell resources to businesses is called - ANSWER-Resource Market

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