TEST: INTRO TO BUSINESS CH 1 & 2

Which is are types of economic resource?

• Wants & Needs
• Goods & Services
• Scarcity & Surplus
• Land, Labor, & Capital

What is another name for human resources?

• Labor
• People
• Homies
• Workers

Economic resources can also be referred to as

• Factors of production
• Goods and services
• Wants and needs
• Scarci

Each type of economies answers the three basic questions of economics __________.

• the same
• differently

What is one basic question of economics?

• What will be produced?
• Who acquires what goods and services?
• What resources are available?
• What is the opportunity cost?

Which type of economy has central ownership and lack of individual choice?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

Most countries have a mixed economy with one part of the mix being dominant.

• True
• False

If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?

• Mixed
• Traditional
• Market 
• Command

A consumer is... 

• monkey
• the economic factors affecting the price, demand, and availability of a commodity.
• somebody who takes away stuff
• a person who purchases goods and services for personal use.

How would a free market economy be described?

• An economy in which decisions are made by the government.
• The international exchange of goods.
• An economy based on supply and demand with little or no government control
• An economy that is communist