Introduction to Business Final

Front

Which type of economic system is based on customs, beliefs, and established practices?

Back

Traditional Economies

Front

In which economic system does the government control all aspects of production and distribution?

Back

Command Economies

Front

Which economic system is driven by supply and demand with private individuals making economic choices?

Back

Market Economies

Front

What type of economic system combines elements of both market and command economies?

Back

Mixed Economies

Front

Which of the following is NOT one of the four main types of economic resources? Labor, Land, Capital

Back

Computers

Front

What are economic resources also called?

Back

Factors of Production

Front

Which type of economic resource includes machines, factories, and buildings?

Back

Capital

Front

What is a 'good' in economic terms?

Back

A tangible or physical product that someone will buy

Front

What is a 'service' in economic terms?

Back

An intangible offering that involves a skill.

Front

What happens to prices when demand for a product is high and supply is low?

Back

Prices tend to rise