Chapter 8 Assessment

Match the following definitions to the correct word.

• human effort (physical or mental) that goes into making goods and providing services

• producer

• someone who creates utility

• C.E.L.L

• anything provided by nature

• labor

• Factors of Production

• Capital formation

• the production of capital goods (like buildings & equipment)

• land/natural resources

The body of knowledge that relates to producing and using goods and services that satisfy human wants is called

• needs analysis

• marketing

• economics

• none of the above

The ability of a good or a service to satisfy a want is called

• economizing wants

• utility

• production

• benefiting

The three primary economic systems are: ​ ​ (a)   ,​ (b)   , and ​ (c)  

• market
• command
• mixed
• privatization
• political
• social

An organized way for a country to decide how to use its productive resources is called a(n)

• economic system

• political economy

• political system

• political-economy system

Jax lives in a country where only individual buying decisions in the marketplace determine WHAT, HOW, and for WHOM goods and services will be produced. Jax lives in a country that has primarily a

• none of them below

• command economy

• market economy

• socialist economy

The three questions all societies aim to answer is ​ (a)   to produce, ​ (b)   to produce for, and ​ (c)   to produce.

• what
• whom
• how
• why
• when
• where
• which

Items of value that individuals have the right to use, sell and or own are known as

What are the three problems that can occur within an economy when the growth rate is too fast or too slow?

The factors of production include:

• money only

• labor and capital goods

• land, labor, business idea makers, capital

• natural resources, capital, and entrepreneurs