Chapter 2 Review: Question Preview (ID: 32235)

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People who make the goods and services for which they are paid
a) command economy b) mixed economy c) natural resources d) capital resources
An economic system in which a central authority makes the key economic decisions
a) command economy b) mixed economy c) supply economy d) demand economy
The amount or quantity of goods and services that consumers are willing to buy at various prices
a) supply b) price c) demand d) opportunity cost
The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices
a) ethics b) economics c) resources d) price
The amount of money given or asked for when goods and services are bought or sold
a) price b) supply c) demand d) resource
An individual who undertakes the creation, organization, and ownership of a business
a) customer b) president c) employee d) entrepreneur
Things used to produce goods and services
a) scarcity b) economics c) natural resources d) capital resources
Raw materials from nature that are used to produce goods
a) capital resources b) natural resources c) price d) supply
A shortage of resources
a) supply b) scarcity c) demand d) price
Choosing one resource or good over another.
a) supply. b) price. c) opportunity cost. d) natural resources.
The amount of goods and services that producers will provide at various prices
a) supply b) demand c) price d) economics
A natural resource such as trees and grain that can be reproduced.
a) price. b) renewable. c) scarcity. d) supply.
The United States has a
a) communistic (command system). b) free market system. c) socialistic system. d) dictatorial system.
A shortage of resources is called
a) reduction. b) threat. c) scarcity. d) limitation.
All of the following are factors of production except
a) educational resources. b) natural resources. c) labor resources. d) capital resources.
The desire to make a profit is
a) profit motive. b) greed. c) risky. d) rewarding.
Most nations have a
a) moderate command economy. b) pure command economy. c) pure market economy. d) mixed economy.
Economies with greater governmental control of resources are considered more
a) communist. b) capitalistic. c) socialistic. d) nationalistic.
Resources (4 factors of production) are the things necessary for making only what people need.
a) True b) False c) d)
Two basic types of economic systems are a market economy and a command economy.
a) True b) False c) d)
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