Unit 9 Part 2 Voc. Review

In this type of economy everyone provides for themselves or trades for what they cannot make.

• traditional economy

• command economy

• market economy

• mixed economy

In this type of economy businesses set prices and compete for consumers.

• traditional economy

• command economy

• market economy

• mixed economy

In this type of economy businesses set prices and compete for consumers for some things, but the government regulates other parts of the economy.

• traditional economy

• command economy

• market economy

• mixed economy

In this type of economy, the government makes economic decisions about production, prices, etc.

• traditional economy

• command economy

• market economy

• mixed economy

A farmer decides that he is going to produce his own energy on the farm by using a type of renewable energy. The renewable energy could come from--

• setting up wind turbines
• having a coal furnace
• using natural gas
• burning oil

Which of the following means of transportation uses a renewable resource for its energy source?

• solar powered car
• coal powered steam train
• natural gas car
• gasoline truck

All of the following are nonrenewable resources EXCEPT

• Coal
• animals
• petroleum (oil)
• natural gas

Which of the following natural resources are nonrenewable?

• Water
• Animals
• Natural gas
• Wind

Any useful material that is found in nature:

• Natural Resource
• Human Resource
• Plants

What are the four factors of production?

• Natural Resources, Capital, Need & Want

• Natural Resources, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Goods & Services