Unit 9 Quiz

Doctor: Goods or Service?

• Goods

• Service

Which is an example of a service?

• book

• police officer

• chair

• backpack

Does this person provide a good or a service?

• good

• service

True or False: A good is something you buy and consume. They are things you can keep, eat, or use.

• True

• False

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Land, Capital, Need & Want

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Good & Service

This is the social & political commitment & freedom to start their own businesses & compete

• free enterprise system

• free response system

• free travel system

• freedom of choice

What is a Command Economy?

• CAPITALISTIC economy in which there is free competition and prices are determined by interaction of supply and demand

• An economic system COMBINING private and public enterprise.

• When production, investment, price, and income are determined centrally by a GOVERNMENT.

• A system that relies on customs, history, and time-honored beliefs.

What are the characteristics of a traditional economic system?

• Relies on government

• Driven by consumers

• built upon traditions, customs, and beliefs

What type of farming is practiced to produce food for sale off the farm?

• Commercial

• subsistence

• seed

• vegetative

Which type of agriculture deals with growing crops and raising livestock to feed the family only?

• Pastoral Agriculture

• Subsistence Agriculture

• Commercial Agriculture

• Surplus Agriculture