HISET Test Questions and Answers-
Economics
capital - Answer-tools,equipment and factories used in the production of goods and services
demand - Answer-combination of desire, ability, and willingness to buy a product
e-commerce - Answer-electronic businesses or exchange conducted over the internet
Free enterprise - Answer-market economy in which privately owned businesses have the freedom to
operate for a profit with limited government intervention
Labor - Answer-people with all their abilities and efforts;one of four factors of production, does not
include the enterprise
Shortage - Answer-situation where quantity supplied is less than quantity demanded at a given price
Surplus - Answer-situation where quantity supplied is greater than quantity demanded at a given price
Balanced budget - Answer-annual budget in which expenditures equal revenues
Economics
capital - Answer-tools,equipment and factories used in the production of goods and services
demand - Answer-combination of desire, ability, and willingness to buy a product
e-commerce - Answer-electronic businesses or exchange conducted over the internet
Free enterprise - Answer-market economy in which privately owned businesses have the freedom to
operate for a profit with limited government intervention
Labor - Answer-people with all their abilities and efforts;one of four factors of production, does not
include the enterprise
Shortage - Answer-situation where quantity supplied is less than quantity demanded at a given price
Surplus - Answer-situation where quantity supplied is greater than quantity demanded at a given price
Balanced budget - Answer-annual budget in which expenditures equal revenues
