Ch. 16-17 Study Guide (Econ)

Front

Good soil for growing tomatoes is an example of ___________________.

Back

a natural resource

Front

Labor is one of the three types of resources identified by economists.

Back

True

Front

A delivery truck is an example of ________________.

Back

capital

Front

When a government tries to decide whether to spend money on health care or education, it is dealing with the problem of ____________________.

Back

scarcity

Front

In a command economy, economic questions are answered by _________________

Back

the government

Front

The United States has a _________________________.

Back

mixed market economy

Front

In which type or types of economy do businesses compete for profit? (Options: traditional economy only, market economy only, traditional economy and command economy, market economy and mixed market economy)

Back

market economy and mixed market economy

Front

Marta is making a _____________.

Back

trade-off decision

Front

An opportunity cost is _____________________.

Back

the next best option after the one chosen

Front

Expenses that do not change no matter how much a business produces are called ___________.

Back

fixed costs