Economics

Most countries around the world are what type of economy?

• Mixed

• Planned

• Free Market

• Traditional

Who is the considered to be the father of capitalism?

• Karl Marx

• Fredich Englels

• Maxwell Edwards

• Adam Smith

Which of the following is NOT one of the four factors of production?

• Land

• Labor

• Lasseiz faire

• Entrepreneurs

The total value of all the final goods and services produced in a country is

• Economics

• Specilization

• Economic System

• Gross Domestic Product

Which of the following is NOT a natural resource?

• Machinery

• Water

• Wind Energy

• Natural Gas

Economics is the study of how we make decisions in a world of limited ____.

• Needs

• Wants

• Choices

• Resources

What does making a trade-off require you to do?

• pay an opportunity cost

• creating a new budget

• choose a new resources

• simulating cost benefit analysis

In the world, these things are limited.

• Competition

• Demand

• Supply

• Resources

A movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers.

• Economics

• Consumerism

• Competition

• Supply & Demand

Which is a public good that would be provided by the government using tax revenue?

• The government collects the taxes that are set by private business.

• The government establishes and collects taxes for government projects.

• The government has no role in taxation, which is the responsibility of businesses.

• The government studies the taxes that are proposed by universities and collected by business.