Unit 3 Review

Another name for "business" is

• capital

• economic system

• exchange

• enterprise

Which of the following is not one of the fundamental questions of economics?

• How are goods and services produced?

• What goods and services are to be produced?

• Where are goods and services produced?

• For whom are goods and services produced?

In which type of economic system do suppliers and consumers control production and price of goods?

• market

• mixed

• command

• all of the above

The United States has which type of economic system?

• socialist

• communist

• market

• command

Which of the following is not a benefit of entrepreneurship for the local economy?

• paying tariffs

• hiring employees

• joining a civic organization

• paying taxes

Economics is

• a social science

• the study of how people satisfy their wants and needs

• the study of how economies work

• all of the above

In economic terms, scarcity occurs when

• not enough money is available for people to buy things

• natural resources have been used up

• there is not enough of a good or service to meet the demand for it

• too much money is chasing too many goods or services

A country’s economic system is also called its

• capitalism

• economy

• voluntary trade system

• growth

Koran Bolden’s business, Street Dreamz, is socially

• symbolic

• responsible

• sustainable

• recognized

In a command economy, the government controls

• ownership

• property

• price

• all of the above