Civics Chapter 19 Review

Economy in which people make economic decisions based on their customs and habits.

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Amount of a good or a service that is available for use?

• Market

• supply

• incentive

• revenue

What is a market? 

• where productive resources are bought and sold

• where producers offer goods and services

• the willing exchange of goods and services between buyers and sellers

• where consumers earn their income

The ______ between sellers keeps the cost of production low and quality of goods high. 

• profit motive

• interdependence

• exchange

• competition

The amount of money left over after all the costs of production have been paid.

• profit

• profit motive

• expenditures

• cost

Economics is the study of how we make decisions in a world of limited?

• Needs

• wants

• choices

• resources

Person or business that buys or consumes products.

• Producer

• command economy

• consumer

• revenue

What is defined as the efficient use of resources? 

• Productivity 

• Specialization

• Division of labor

• Economic Interdependence

The four factors of production are natural resources, labor, capital, and... 

 

• entrepreneurs

• services

• goods

• specialization

Capitalism and free enterprise systems work best with?

• lack of competition

• investments

• taxes

• competition