Intro to Eco

The study of how people choose to use their resources is known as?

• Government

• Economics

• Sociology

• Psychology

Those who buy/use goods and services are known as ?

• Producers

• Consumers

Those who provide goods and services are known as?

• Producers

• Consumers

Which of the following is NOT a factor of Production?

• Land

• Labor

• Capital

• Climate

What does Scarcity mean?

• To be afraid

• limited amount of something

• Failure in the workforce

• to combine 2 products

An __________ is the way societies provide goods and services to meet the wants and needs

of its citizens.

• Economic Opportunity

• Economic analyzes

• Economic Chart

• Economic System

People who assume the risk to create a new product or business is......

• Oportunist

• Corporation

• An entreprenuer

• None of the above

A system in which the government owns basic resources.

• Capitalism

• Socialism

• Communism

No private ownership in this economic system

• Capitalism

• Socialism

• Communism

• Marxism

Cuba,_______, former soviet union and china are an example of?

• Communism

• Capitalism

• Socialism

• Marxism