Economics Unit 1 Test Review

Front

Factors of production (land, labor, capital, entrepreneur) are examples of _________.

Back

resources

Front

What are individuals and groups that buy and use goods and services called?

Back

consumers

Front

What is the BEST definition of an entrepreneur?

Back

person who takes a risk to produce and sell goods and services in search of profit

Front

What is the opportunity cost of going to the movies?

Back

Value of the computer game.

Front

What type of economy was the Soviet Union? The government of the Soviet Union provided food for its citizens.  However, the food was often in short supply, had little variety, and was of poor quality.

Back

Command

Front

Most countries today have which type of economic system? Options: Mixed, Market, Traditional, Command

Back

Mixed

Front

The amount of money you make after all expenses have been paid is called what?

Back

Profit

Front

_________________ results in lower prices and better quality goods and services.

Back

Competition

Front

the inability to satisfy all wants at the same time. All resources and goods are limited

Back

Scarcity

Front

selection of an item or action from a set of possible alternatives

Back

Choice