Assessment #2 Review (FOP/Econ. Systems)

The resources used to make all goods & services are called

• Natural Resources

• Factors of Production

• Goods & Services

• Renewable Resources

The creation of any kind of good or service is known as:

• Input
• Resources
• Production
• Entrepreneurship

What term describes the tools, equipment, machinery, and factories used in the production of goods and services?

• Human Capital

• Physical Capital

• Investment Capital

• Enterprise Capital

An action that one provides for someone else is a.... (hint: haircuts, counseling, or babysitting)

• Job

• Good

• Service

• Factor of Production

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 

• What goods and services will be produced?
• What is the price of the goods? 
• Who is responsible for producing goods and services?
• How will goods and services be distributed to customers?

An economic system heavily influenced by habits, customs, past practice, and/or beliefs

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed

The government directly influences and controls business practices because it owns natural and capital resources

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed

Privately owned factors of production

(Households own ALL land, labor, capital)

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed

Most countries in the world have a ___________________ economy.

• Traditional
• Command
• Mixed
• Market

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.