ECONOMICS FINAL Review 2

Front

________ is the most basic economic problem.

Back

Scarcity

Front

Which of the following would be an example of human capital? Options: The amount of workers who work in a Nike factory, The skills of the shoe designers at Nike, Philip Knight, the CEO of Nike, The land that the Nike headquarters is located on in Beaverton Oregon

Back

The skills of the shoe designers at Nike

Front

Only the government decides what goods and services will be produced in a market economy.

Back

False

Front

The four types of economic systems are: Traditional, Command, Mixed, & Market.

Back

Traditional, Command, Mixed, & Market

Front

Which of the following is a need? (clothes, car, job, smart phone)

Back

clothes

Front

How do you satisfy your unlimited wants in a world of limited resources? Options: by making more money, by making choices, by stealing, by setting a budget

Back

by making choices

Front

Is this shelter a want or a need?

Back

Want

Front

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? Options: What goods should be produced ?, How should the goods be produced?&, Who gets to consume the goods? 

Back

What is the price of the goods?

Front

Type of economy that is based on trading and bartering? Options: Socialist, Traditional, Free Enterprise, Command

Back

Traditional

Front

Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources? Options: Land, Labor, Capital, Entrepreneurship

Back

Labor