Economics

The study of how people meet their needs

• government

• opportunity cost

• supply and demand

• economics

Once renewable resources are used up, they are gone forever.

• True

• False

Which of the following are examples of nonrenewable resources? (You can select more than one.)

• coal

• oil

• natural gas

• trees

Which of the following is NOT one of the basic economic questions used to determine the economic system of a country?

• Who decides what goods and services should be produced?

• Who decides how goods and services should be produced?

• Who decides how goods and services should be distributed?

• Who decides how much goods and services should be taxed?

A non-industrialized country with a weak economy and low standard of living.

• developed country

• developing country

A developed country is wealthier and has a lot of industries.

• True

• False

The total value of all goods and services produced in a year

• Gross Domestic Product (GDP)

• Per Capita Income

• Standard of Living

• Sustainability

Most economic systems are _____________________ because they have some government involvement and some individual freedom.

• Market Economies

• Mixed Economies

• Traditional Economies

• Command Economies

In which economic system does the government make all of the economic decisions?

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy

In which economic system are decisions made by individuals and business owners?

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy