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Our Nation's Economy
Test Description: Vocabulary
Instructions: Answer all questions to get your test result.
1) What type of economy allows people to own and run their own businesses with only limited control by the government?
A
human resources
B
scarcity
C
Free Enterprise
D
capital goods
2) Money, land, buildings, machines, and tools needed to produce goods and services.
A
human resources
B
scarcity
C
capital goods
D
Free Enterprise
3) 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
capital goods
B
scarcity
C
human resources
D
Free Enterprise
4) This is a different name for the people that work at a business.
A
Free Enterprise
B
human resources
C
scarcity
D
capital goods
5) This is an economy in which the government controls exactly what is made, how much is made, and what to charge.
A
scarcity
B
competition
C
market economy
D
command economy
6) 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
capital goods
B
command economy
C
market economy
D
competition
7) What is the contest among businesses to sell the most products called?
A
market economy
B
interdependent
C
competition
D
specialization
8) What is the measure of how many resources are needed to produce goods and services called?
A
human resources
B
productivity
C
competition
D
capital goods
9) What is it called when people become skilled at one kind of job?
A
human resources
B
specialization
C
command economy
D
capital goods
10) This means that people in different places depend on one another for natural resources, finished products, and services.
A
productivity
B
capital goods
C
interdependent
D
command economy
*select an answer for all questions
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