16.1_Intro to Economics_What is Economics?

Typically, both resources and wants are limited.

• True

• False

Good soil for growing tomatoes is an example of ___________________.

• a product

• a service

• capital

• a natural resource

A delivery truck is an example of ________________.

• a natural resource

• a service

• capital

• labor

When a government tries to decide whether to spend money on health care or education, it is dealing with the problem of ____________________.

• labor

• capital

• scarcity

• resources

Prices play an important role in a market economy.

• True

• False

Prices play an important role in a market economy.

• TRUE

• FALSE

In a command economy, economic questions are answered by _________________.

• individuals

• government planners

• business owners

• farmers

The United States has a _________________________.

• market economy

• command economy

• traditional economy

• mixed market economy

A traditional economy is generally not very productive.

• TRUE

• FALSE

In which type or types of economy do businesses compete for profit?

• traditional economy only

• market economy only

• traditional economy and command economy

• market economy and mixed market economy