Which best describes the circular flow of an economy?
Which is NOT true of public goods and services?
Which is not a basic economic question faced by an economy?
Who pays for public goods and services?
A free enterprise economy is a system in which economic decisions are made in markets by consumers and businesses.
Due to scarcity, people cannot have all the things they want.
Businesses produce goods and services for citizens, who in turn, supply labor and other resources to the businesses.
Resources are the goods people buy from the business.
What are the 3 types of resources?
The merchandise, skills, and knowledge offered for sale by businesses or citizens are called
Payments that citizens are required to make to government are called
In a free enterprise economy,
The exchange of goods and services is called
Give one example of a citizen's responsibility to his or her community.
Why do people and businesses pay taxes?