Econ Review Question Preview (ID: 62533)

a) Decrease production of all goods

b) Increase consumer demand

c) Encouragement of technological advancement

d) Elimination of trade barriers

a) lack of food, lack of human resources, lack of natural resources, lack of industrial resources, lack of housing/shelter.

b) threats to privacy, property, terrorism, lack of safety, protection of borders/frontiers, or national security.

c) integration of new ideas, rejection of new ideas, economic sanctions, boycotts, or embargoes.

d) lack of technology, lack of cell phones, lack of entertainment

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) Goods produced and used to make other goods and services.

d) “Gifts of nature” that are present without human intervention (ex. land)

a) limited resources are used to satisfy unlimited wants and needs

b) decisions are made using six steps

c) individuals make decisions about buying products

d) none of these

a) Who will pay the taxes?

b) Who will get the goods and services produced?

c) Who will educate the workers?

d) Who will do the work to produce the goods and services?

a) How people and businesses spend and make money.

b) Different types of government and the duties of citizens under different governments; following rules, responsibilities, laws

c) People and events from the past; often recorded on a timeline.

d) The study of the natural world and how it relates to humans; physical features vs, human features.

a) a

b) a

c) Communism

d) Autocracy

a) A method for counting population growth

b) A system that defines how a society distributes resources

c) A system for managing a nation's healthcare

d) A set of rules for political governance

a) An economy controlled by individual businesses and consumers

b) An economy controlled by supply and demand with no government

c) An economy where goods and services are freely exchanged without regulation

d) An economy where production, prices, and incomes are determined centrally by a government

a) An economic system where wealth is equally distributed among citizens

b) An economic system based on supply and demand

c) An economic system where private entities control all resources

d) An economic system that relies solely on trade

a) The private ownership of economic resources by individuals rather than by the government.

b) An economy in which resources are owned and controlled by the government.

c) The method a country uses to answer the three economic questions.

d) Making the first letter in a sentence capital

a) Capitalism

b) Socialism

c)

d)