Work-Force Concepts Quiz 1

The amount of a good or service that consumers are willing to buy at any price is called....

• Supply
• Demand
• Quantity Supplied
• Quantity Demanded

When something is limited or in short supply, this is called....

• The Free Market
• Planned Economy
• Scarcity
• Supply

The enjoyment or usefulness one has from something is called...

• Scarcity
• Economics
• Demand
• Utility

Which economic system is known for having planned economies?

• Capitalism
• Feudalism
• Socialism/Communism
• Slavery

What does the line in the graph depict?

• The Law of Demand
• The Law of Supply

What type of economy do most countries in the world have?

• traditional economy
• Free Market
• Mixed Economy
• Command Economy

A garbage truck driver is an example of which Factor of Production?

• Land
• Labor
• Capital
• Entrepreneur

The crops and animals on a farm are examples of which factor of production?

• Land
• Labor
• Capital
• Entrepreneur

Bill Gates, Elon Musk, and other business owners would be an example of which factor of production?

• Land
• Labor
• Capital
• Entrepreneur

Economics can be described as the study of

• Money
• Price Ceilings and Price Floors
• Graphs
• Decision Making