Economics In Class Review Pt 1

Component of the business cycle when you are at a loss of funds for more than 6 months.

• prosperity

• recession

• depression

• expansion

The study of how people choose to use their resources

• Incentive
• Economics
• Entrepreneur
• Specialization

When people want or need more of something than there is.

• Scarcity
• Profit
• Opportunity Cost
• Tax

Resources that are made by people to make other things.

• Renewable Resources
• Capital Resources
• Human Resources
• Natural Resources

What are the characteristics of a traditional economic system?

• Relies on government

• Driven by consumers

• built upon traditions, customs, and beliefs

In a command economy, most of the property is owned by whom?

• entrepreneurs

• wealthy aristocrats

• government

• the employees

Which is NOT one of the factors of production?

• Cash

• Land

• Entrepreneurship

• Capital

Bridges, roads, and transportation are examples of what?

• Resources

• Capital

• Infrastructure

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

The government has little to no role in the production of goods in this type of economy. 

• Traditional 
• Mixed
• Command 
• Market