Economies in World History

The term supply is...

• products ready to be sold

• the amount of available good and services

• the materials needed to produce goods

• the products that are sent to another country

Natural resources are...

• materials found within the environment

• man made materials

• limited supplies

• resources that get thrown away

The available amount of goods and services is

• demand

• supply

• import

• export

How much consumers want and are willing to buy can best be described as...

• goods

• supply

• demand

• imports

Factors of Production are...

• all the resources used to produce goods and services

• resources that are naturally found in the environment

• limited amounts of goods and services

• resources that cannot be used to produce goods and services

Labor can be described as...

• the resources needed to produce goods and services

• the process of creating goods and services

• resources that occur naturally in the environment

• all human effort put in the production of goods and services

Which of the following is NOT a Factor of Production?

• labor

• capital

• land

• goods and services

The rule of economics states that when the supply is low, the demand...

• is low

• stays the same

• is high

• decreases

Resources that are found in the environment and are used to make goods are called...

• imports

• limited resources

• natural resources

• materials

The government controls all property in a ____________ economy.

• Communist

• Socialist

• Limited

• Free Enterprise