Economic Systems/ Business

What economic systems does not allow the government to get involved?

• Command
• Market
• Mixed
• Traditional

What is NOT an economic system?

• Capital
• Mixed
• Traditional
• Command

What does the GDP NOT help determine?

• per capita GDP
• Standard of Living
• production value
• business cycle

What  does scarcity NOT form?

• trade-offs
• opportunity cost
• decentralized
• inflation

What is NOT a factor of production?

• Labor
• Capitol goods
• Natural resources
• Scarcity

How does a country try to prevent scarcity?

• trade
• opportunity cost
• trade offs
• indirect/ direct goods

What is food, shelter, water & clothing considered?

• Want
• Need
• Capital good
• natural resource

How does the USA compare it's wealth with other countries?

• trade
• per capita GDP
• GDP
• factors of production

How are people involved in the production of goods & services?

• labor
• capital
• entrepreneur
• resource

What is a business owner called?

• entrepreneur
• laborer
• resource
• capital