Economics REview-Yay!

The buildings, machines, and tools that companies use to make products

• capital resources

• human resources

• natural resources

• entrepreneurs

another word for money

• barter
• economics
• currency
• price

Increasing the money supply too quickly > currency loses value > prices increase

• price
• inflation
• scarcity
• demand

The place where goods and services are exchanged

• barter
• currency
• market
• resource

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

Which type of economy has central ownership, the government, and lack of individual choice?

• Market

• Mixed

• Command

• Traditional

Who invented communism?

• Plato

• Karl Marx

• Paul Samuelson

• Adam Smith

Which of the following are markets involved in the circular flow model?

• Factor Market and Resource Market
• Labor Market and Product Market
• Factor Market and Product Market
• Resource Market and Labor Market

The amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

• subsistence

• specialization

• scarcity

• bartering