Economy (Marketing Class)

Resources are all things used to produce ______ and ______.

• Business / Goods

• Goods / Services

• Labor / Services

• Goods / Resources

Factor of production cover 4 categories. They are:

• Land, stock market, entrepreneurship and land

• Stock market, capital, land and labor

• Business, labor, capital and stock market

• Land, labor, capital and entrepreneurship.

A system where people can own their own business of their choice is called _____________.

• Traditional System

• Market Economy

• Command Economy

• Taxes

The _______ is an example of natural resource.

• Computer

• Plastic

• Salt

• Paper

When the demand for a product is higher, the price ________________.

• Increases

• Stays the same

• Decreases

• Automatically doubles

Example of renewable resource is:

• Salt

• Oil

• Wind

• Coal

Human Resources refers to:

• Business

• Capital

• Worker

• Consumer

An Example of a Capital Resource is:

• Land

• Computer

• Wind

• Coal

There is a big concert event in your town and everyone wants to go. So, there is a ____________ of tickets.

• Supply

• Credit

• Cost Factor

• Scarcity

There are three broad categories into which economic systems are classified:

• Traditional, Market and Command

• Capital, Market and Command

• Traditional, Labor and Command

• Traditional, Market and Demmand