Economics

Man-made tools, machines, or locations used in the manufacturing of goods.

• labor

• natural resources

• marketing

• capital

Materials that occur in mature and can be used for economic gain (machines and equipment)

• capital

• natural resources

• competition

• labor

The workforce, both physical and mental (who's doing the work?)

• entrepreneur

• capital

• competition

• labor

Being in short supply or shortage

• marketing

• competition

• labor

• scarcity

Which of the following are examples of goods?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

Which of the following are examples of services?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

Which type of economy allows the government to determine what to produce, how to produce it, and who gets it?

• Command Economy

• Market Economy

• Traditional Economy

Which type of economy allows people to freely decide what to produce and how to produce it and people get or buy what they can afford?

• Command Economy

• Market Economy

• Traditional Economy

Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.

• Scarcity
• Supply and Demand

What type of economic system does the US have?

• Market
• Command
• Traditional