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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