Economics: Question Preview (ID: 2315)


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This is NOT a factor of production
a) Land b) Labor c) Capital d) Wants
The study of how people or nations use their scarce resources to satisfy their unlimited wants and needs.
a) Diplomacy b) Human Resources c) Economics d) Entrepreneurship
Examples are money, buildings, equipment, and tools
a) Capital b) Credit c) Entrepreneurship d) Free enterprise
This is also referred to as human resources
a) Communism b) Labor c) Payroll d) Capital
Refers to the fact that people want more than they can have
a) resources b) capital c) scarcity d) labor
This is the type of economic system with the most freedom to run a business.
a) Communism b) Capitalism c) Socialism d) Democracy
This is the economic system that has the most government control.
a) Communism b) Capitalism c) Socialism d) Democracy
The United States is an example of this type of economic system
a) Communism b) Capitalism c) Socialism d) Democracy
The following is NOT an example of a natural resource
a) Trees b) Oil c) Minerals d) Computers
People who invest time and money to run a business
a) Shift Manager b) Credit Manager c) Entrepreneurs d) Bank Executive
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