Midterm Exam Review

Not enough resources to meet human wants

• Shortage

• Scarcity

• Famine

• Underutilization

The father of modern economics

• James Madison

• Thomas Jefferson

• Alexander Hamilton

• Adam Smith

Which is NOT one of the 4 factors of production?

• Land

• Labor

• Money

• Entrepreneurship

Which economic system is based off of self-interest?

• Traditional

• Command

• Market

• Mixed

Which economic system is most common today?

• Traditional

• Command

• Market

• Mixed

Which economic system is based on competition?

• Traditional

• Command

• Market

• Mixed

Which economic system has the goal of survival?

• Traditional

• Command

• Market

• Mixed

Which economic system is where you would find Socialism or Communism?

• Traditional

• Command

• Market

• Mixed

Which economic system is based on customs handed down from previous generations?

• Traditional

• Command

• Market

• Mixed

Which economic system resists new methods?

• Traditional

• Command

• Market

• Mixed