Apex Econ Unit 1 test review

Unlimited wants and limited resources is known as

• economics

• scarcity

• supply and demand

• productivity

The factor of production that refers to trees, oil, salt and natural resources is

• capital

• labor

• land

• entrepreneur

The factor of production that is referring to equipment, tools, and machinery is known as

• land

• labor

• capital

• entrepreneur

Offering benefits to certain choices to make them more attractive is known as

• bribes

• scarcity

• incentives

• pensions

When you make a choice, but then are unable to choose other options, that is known as

• scarcity

• supply and demand

• entrepreneurship

• opportunity cost

When you consider both the positives and negatives of a decision, you are making a

• list

• cost-benefit analysis

• positive-negative effect chart

• cost-negative study

Which type of economy is based around customs and family roles?

• mixed economy

• market economy

• traditional economy

• command economy

Which type of economy features private companies operating without government interference?

• market economy

• command economy

• traditional economy

• mixed economy

The government controls all production and decision making in a

• market economy

• traditional economy

• mixed economy

• command economy

The United States is considered to be which economy?

• market economy

• traditional economy

• mixed economy

• command economy