Economics Final

Front

Because we face scarcity, we must make _____________.

Back

choices

Front

The tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services are _____________.

Back

capital

Front

The human resource that organizes land, labor, and capital is _________________.

Back

entrepreneurship

Front

The___________ __________ of something is the highest-valued alternative that must be given up to get it.

Back

opportunity cost

Front

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather. What type of economy does this represent?

Back

Traditional

Front

Katia is an accountant in a government run business where she was placed after graduation. What type of economy does this represent? Options: Command, Traditional, Free Market, Mixed

Back

Command

Front

Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
What goods and services will be produced?
Who is responsible for producing goods and services?
How will goods and services be distributed to customers?

Back

What is the price of the goods?

Front

Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk. What type of economy does this scenario represent? Options: Free Market, Traditional, Command

Back

Free Market

Front

This part of the market determines DEMAND

Back

buyers

Front

This part of the market determines SUPPLY

Back

sellers