Economics Quiz Review

What is the "making, buying and selling of goods and services"?

• Economics

• Factors of Production

• Free Enterprise

• Entrepreneurship

What is "limited resources" mostly because people want more than what is available?

• deficit

• surplus

• scarcity

• debt

Which is the goods produced in a country that are used to produce other goods/services?

• natural resources

• capital resources

• human resources

• supply and demand

What is "the total value of all the goods and services produced in a country for one year"?

• Command Economy

• Market Economy

• Free Enterprise

• Gross Domestic Product

What are "skills, talents, and education that workers possess; the value people bring to the workplace"?

• natural resources

• capital resources

• human resources

What is "the % of a country's population over age 15 who can read and write"?

• standard of living

• human resources

• education standards

• literacy rate

The Standard of Living is often ________ in countries where the literacy rate is high?

• higher

• lower

• not affected

• unmeasureable

Which Economic System gives all economic decisions and control to the government?

• Market

• Command

• Traditional

What is "competition between companies, which shifts that prices of goods/services"?

• scarcity

• Traditional Market

• capital resources

• free enterprise

Which Economic System is based on doing what your ancestors did in the past?

• Command

• Market

• Traditional