2.01 Vocab: Question Preview (ID: 15830)


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Economics is
a) studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces b) The condition that exists when wants exceed resources available to satisfy wants. c) Goods produced and used to make other goods and services. d) “Gifts of nature” that are present without human intervention (ex. land)
Scarcity is
a) The condition that exists when wants exceed resources available to satisfy wants. b) studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces c) Goods produced and used to make other goods and services. d) “Gifts of nature” that are present without human intervention (ex. land)
Capital Resources is
a) studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces b) The condition that exists when wants exceed resources available to satisfy wants. c) Goods produced and used to make other goods and services. d) “Gifts of nature” that are present without human intervention (ex. land)
Natural Resources is
a) Goods produced and used to make other goods and services. b) The initiative to improve goods and services or create new ones. c) The knowledge, efforts, and skills people bring to their work, also known as labor. d) “Gifts of nature” that are present without human intervention (ex. land)
Human Resources is
a) “Gifts of nature” that are present without human intervention (ex. land) b) The knowledge, efforts, and skills people bring to their work, also known as labor. c) The initiative to improve goods and services or create new ones. d) The condition that exists when wants exceed resources available to satisfy wants.
Entrepreneurial Resources is
a) The initiative to improve goods and services or create new ones. b) “Gifts of nature” that are present without human intervention (ex. land) c) The knowledge, efforts, and skills people bring to their work, also known as labor. d) The condition that exists when wants exceed resources available to satisfy wants.
Command economy
a) The type of economy where people believe in doing things the same as they have always been done in the past. b) Economic system that is run by a central government or authority c) A combination of a command and market economy. d) Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
Market economy
a) . Individuals decide what, how and for whom goods and services are produced. b) The type of economy where people believe in doing things the same as they have always been done in the past. c) A combination of a command and market economy. d) Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
Mixed Economy
a) The type of economy where people believe in doing things the same as they have always been done in the past. b) A combination of a command and market economy. c) Government, which relies on tax revenues, is far less likely than private businesses to heed price signals d) Economic system that is run by a central government or authority
Traditional Economy
a) Economic system that is run by a central government or authority b) . Individuals decide what, how and for whom goods and services are produced. c) The type of economy where people believe in doing things the same as they have always been done in the past. d) Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
Socialist economy
a) Government, which relies on tax revenues, is far less likely than private businesses to heed price signals b) A combination of a command and market economy. c) Economic system that is run by a central government or authority d) The type of economy where people believe in doing things the same as they have always been done in the past.
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