Economics Terms

What is the process used by a society to decide what to produce, how to produce it, and for whom

• Legislation

• Economic System

• Competition

• Consumerism

A system where the government owns and controls most, if not all, of the productive resources of a nation

• Communist

• Socialist

• Capitalist

• Traditional

A stystem in which producers and consumers are free to operate and compete in business transactions with minimal, if any, government interference or regulation

• Socialism

• Communism

• Captialism

• Traditional

The challenge of stretching resources to cover needs and wants is called

• Compromise

• Scarcity

• Supply

• Demand

The quantity of goods and services that producers are willing and able to provide at various prices is called

• Supply

• Demand

• Captial

• Productivity

The willingness and ability of consumers to purchase goods and services at various prices is called

• Supply

• Buying power

• Needs

• Demand

What are the economic resources a nation uses to make goods and supply services for its population called

• Economic Systems

• Factors of Production

• Purchasing Power

• Competition

A system where both market forces (based on individual freedoms) and government decisions determine which goods and services are produced and how they are distributed

• Market Economy

• Libertarianism

• Anarchism

• Traditional Economy

Which of the following is NOT a Factor of Production

• Land

• Capital

• Entrepreneurship

• Scarcity

What is a measure of the amount of work a person can do in a specific amount of time

• Productivity

• Labor

• Capital

• Human Resources