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2.01 Vocab
Test Description: 2.01 Vocab
Instructions: Answer all questions to get your test result.
1) Economics is
A
“Gifts of nature” that are present without human intervention (ex. land)
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
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
2) 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
“Gifts of nature” that are present without human intervention (ex. land)
D
Goods produced and used to make other goods and services.
3) Capital Resources is
A
“Gifts of nature” that are present without human intervention (ex. land)
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
The condition that exists when wants exceed resources available to satisfy wants.
4) Natural Resources is
A
“Gifts of nature” that are present without human intervention (ex. land)
B
Goods produced and used to make other goods and services.
C
The initiative to improve goods and services or create new ones.
D
The knowledge, efforts, and skills people bring to their work, also known as labor.
5) Human Resources is
A
The condition that exists when wants exceed resources available to satisfy wants.
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
“Gifts of nature” that are present without human intervention (ex. land)
6) Entrepreneurial 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 condition that exists when wants exceed resources available to satisfy wants.
D
The initiative to improve goods and services or create new ones.
7) 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
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
C
A combination of a command and market economy.
D
Economic system that is run by a central government or authority
8) Market economy
A
. Individuals decide what, how and for whom goods and services are produced.
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
The type of economy where people believe in doing things the same as they have always been done in the past.
9) Mixed Economy
A
A combination of a command and market economy.
B
The type of economy where people believe in doing things the same as they have always been done in the past.
C
Economic system that is run by a central government or authority
D
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
10) Traditional Economy
A
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
B
Economic system that is run by a central government or authority
C
The type of economy where people believe in doing things the same as they have always been done in the past.
D
. Individuals decide what, how and for whom goods and services are produced.
11) Socialist 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
*select an answer for all questions
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