Economic Systems Review

Which of the following are the 4 factors of production that economist study?

• land

  ocean

  capital

  entrepreneurship

• land

  capital

  labor

  entrepreneurship

• developed

  developing

  GDP

  capital

• food

  water

  sun

  air

Which system has a few limits on business activities?

• free enterprise system

• wholesale system

• retail system

• manufacturing system

What is scarcity?

• businesses that sell to other businesses

• basic economic resources

• a problem of having unlimited human wants in a world with limited sources.

• a country with a weak economy

True or False : A developing country has a strong economy and high quality of life.

• False

• True

The United States has a good health care system and strong economy, therefore it is considered a _______________

• Developed Country

• Developing Country

• Free Country

Which type of economy relies on hunting and fishing?

• Command Economy

• Market Economy

• Traditional Economy

In which type of economy does the government control the economy?

• Traditional

• Command

• Market

A market economy is based on private ownership, free trade, and competition.

True or False

• True

• False

The image is an example of what industry?

• Retail

• Wholesale

• Manufacturing

• Agriculutre

Which 2 statements are correct?

• Manufacturing Industries- make finished materials out of raw materials

• Agriculture Industries-Businesses that sell to other businesses

• Retail Industries-Businesses that sell directly to a consumer

• Wholesale Industries-focus on growing crops and raising livestock