Chapter 13 Review

Economics is a study of consumer _____.

• choices

• availability

• supply

• demand

Every country has a unique ___ that includes its leadership, the way it makes decisions, an dhow the country's citizens buy stuff.

• economic system

• entrepreneurship

• supply and demand

• command economy

What you choose to ___ has a(n) ___ on the economies of other countries.

• buy; impact

• make; influence

• do; fallout

• trade; affect

A ___ economy is built on primary industries such as fishing and farming and it generally has very little waste and very little surplus.

• Market

• Mixed

• Traditional

• Command

What is specialization?

• one a person chooses to specialize in one career field but ends up harming the economy

• when a capitalist nation decides to focus its efforts on producing only 7 types of services

• when a country focuses its efforts on producing a limited variety of goods or services

• its when an economy is completely self-sustaining.

The buying and selling of various goods and services is called ___.

• Marketplace

• Trade

• Scarcity

• Economic interdependence

___ is the science of the whole economy, while ___ is the study of people, individual businesses, or markets.

• global economics; microeconomics

• macroeconomics; global economics

• macroeconomics; microeconomics

• microeconomics; macroeconomics

Supply and demand helps us understand how the ___ of a particular product and the ___ for it affect the price of the item.

• worth; supply

• look; feel

• demand; need

• availability; desire

Which factor of production refers to the man-made objects like tools, machinery, buildings, and equipment needed for production?

• Products

• Capital

• Tertiary

• Market

Socialism is an example of a ___ economy where the ___ is/are at the center.

• market; people

• free; monopoly

• specialized; market

• command; government