Economics Part 1

A bulldozer is an example of what type of resource?

• Natural

• Capital

• Entrepreneurship

• Human

The consumer is most important in what economic system?

• Mixed

• Traditional

• Command

• Free Market

Who makes decisions for the private sector in a mixed economy?

• Government and business

• Individuals and business

• State and local government

• Individuals and government

Government ownership of resources is a characteristic in what economic system?

• Mixed

• Traditional

• Free Market

• Command

Consumers determine what goods and services will be produced based on the products they purchase. This is known as —

• Consumer Sovereignty

• Competition

• Command Economy

• Profit

What is consumption?

• That which determines price

• Making of goods and services

• The use of goods and services

• That which is given up when a choice is made

Trees are an example of what type of resource?

• Captial

• Entrepreneurship

• Natural

• Human

What is profit?

• Taxes paid to the government

• All of the money a business earns

• Money that is left over after all expenses have been paid

• Price consumers pay for goods and services

What is the main job of the Federal Reserve?

• Maintain the value of the dollar

• Regulate Spending

• Regulate taxes

• Regulate business

What type of economic system does the United States have?

• Traditional

• Free Market

• Command

• Mixed