Economics Quiz Review

The process by which an economy is transformed from primarily agriculture to one based on manufactured goods.

• Income

• Industrialization

• Infrastructure

• Standard of Living

The value of what we give up when we choose something else....also famously known as an "OC."

• Opportunity Cost

• Standard of Living

• Poverty

• Income

Poor; living on less than $2 a day.

• Income

• Opportunity Cost

• Poverty

• Infrastructure

Earned money

• Standard of Living

• Opportunity Cost

• Poverty

• Income

True or False: Renewable resources, such as petroleum, cannot be replaced over time.

• True

• False

Services and facilities necessary for an economy to function (transportation systems, water, sewage, communication systems, etc.)

• Infrastructure

• Industrialization

• Poverty

• Income

The level at which a person, group, or nation lives as measured by the extent by which it meets its needs.

• Opportunity cost

• Standard of Living

• Income

• Infrastructure

Economic systems in which the government makes all economic decisions.

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

Economic systems that blends elements of other systems together.

• Command Economy

• Traditional Economy

• Mixed Economy

• Market Economy

Economic system in which decisions are made by business owners and consumers through supply and demand.

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy