ECON

Producing goods to meet the needs of people (food, shelter, work, clothes) is the

concern of all ____________.

• geographic systems

• governments

• economic systems

All of the following are factors of production except:

• Land/natural resources

• capital

• goods

• entrepreneurship

In a communist country, people can become rich by working hard.

• true

• false

When a country has a large supply of something and there is low demand for that item, the price will go ______

• up

• down

When a country has a low supply of something but the demand is high the price will go____.

• up

• down

Money is considered capital

• true

• false

individuals have the most economic freedom in a

• communist economy

• free enterprise economy

• socialist economy

The owner who takes the risks and makes the profits

• entrepreneur

• sales person

• manager

People doing jobs; synonym for work

• entrepreneur

• industry

• labor

Items you can use or touch, such as clothes, lumber, food, and cars.

• goods

• services

• wants