Our Nation's Economy: Question Preview (ID: 24515)


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What type of economy allows people to own and run their own businesses with only limited control by the government?
a) Free Enterprise b) human resources c) capital goods d) scarcity
Money, land, buildings, machines, and tools needed to produce goods and services.
a) Free Enterprise b) human resources c) capital goods d) scarcity
This means that people can never have everything that they want and so, they must make choices about what to produce ane what to buy.
a) Free Enterprise b) human resources c) capital goods d) scarcity
This is a different name for the people that work at a business.
a) Free Enterprise b) human resources c) capital goods d) scarcity
This is an economy in which the government controls exactly what is made, how much is made, and what to charge.
a) command economy b) market economy c) competition d) scarcity
In what type of economy are goods and services allocated largely by prices, and consumers buy goods and services they want and can afford?
a) command economy b) market economy c) competition d) capital goods
What is the contest among businesses to sell the most products called?
a) specialization b) market economy c) competition d) interdependent
What is the measure of how many resources are needed to produce goods and services called?
a) competition b) human resources c) capital goods d) productivity
What is it called when people become skilled at one kind of job?
a) command economy b) human resources c) capital goods d) specialization
This means that people in different places depend on one another for natural resources, finished products, and services.
a) command economy b) productivity c) interdependent d) capital goods
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