Econ Semester Review 2.0

Front

Resources are allocated by the government only.

Back

Command

Front

Decisions are made by individuals and businesses. What type of economic system does this describe?

Back

Market

Front

Factors of Production include which of the following?

Back

land, labor, and capital

Front

Using resources wisely so that people are better off economically is referred to as

Back

economic efficiency.

Front

Scarcity always exists because

Back

there is not enough of all goods and services to satisfy everyone’s needs and wants.

Front

If demand is greater than supply at a particular price,

Back

shortage will exist.

Front

According to the law of supply, higher prices prompt producers to

Back

produce more of a good.

Front

In an oligopoly, several suppliers exercise some control over price.

Back

several suppliers exercise some control over price.

Front

People who start their own businesses are known as

Back

entrepreneurs.

Front

When people’s income falls, they usually consume

Back

less of a good.