Ch 2 Review

What type of Economy does the US have?

• Mixed

• Bartering

• entirely command

• entirely market

Natural Resource become factors of production when

• they are used to produce goods

• as soon as they are discovered

• as soon as they are invented

• only if nothing else is available

An example of a capital resource would be

• coal

• an ice cream truck

• the president

• a banker

Skilled, unskilled, physical or intellectual are used in this chapter to describe what type of resources?

• natural

• capital

• library

• human

An example of a capitalist country is

• cuba

• sweden

• japan

• china

What are raw materials from nature that are used to produce goods?

• natural resources

• human resources

• the earth

• scarcity

The amount of goods and services that producers will provide at a various price.

• demand

• supply

• product

• goods

A system in which economic decisions are made in the marketplace according to the laws of supply and demand

• command economy

• mixed economy

• market economy

• macro eonomy

The study of how society chooses to use resources to produce and distribute goods and services

• micro economics

• macro economics

• economics

• geology

The resources used to produce goods and services

• factors of production

• scarcity

• demand

• economics