CBA Review

Money, property, tools, or factories that are used to start or operate a business

• Factors of Production

• Capital

• Scarcity

• Goods and Services

• GDP per Capita

Items produced for sale or use/activities provided to other people for pay

• Factors of Production

• Capital

• Scarcity

• Goods and Services

• GDP per Capita

The value of all goods and services produced within a country in a single year divided by the total number of people who live in that country.

• Factors of Production

• Capital

• Scarcity

• Goods and Services

• GDP per Capita

The basic economic resources needed to produce goods and services; land, labor, and capital

• Factors of Production

• Capital

• Scarcity

• Goods and Services

• GDP per Capita

Which of the following are indicators of a developed nation?

• High Life Expectancy

• High Infant mortality

• High GDP

• High GDP per Capita

• High Literacy Rate

 In a socialist economy, the government makes more economic decisions than in a market economy.

• True

• False

The United States is a market economy

• True, Americans can buy sell and trade whatever they want.

• False, only the Black Market is a true market economy.

Some mixed economies are closer to a market system while some mixed economies are closer to a command economy.

• True

• False

 Employees in ________ economies work as hard as they can thanks to the profit motive.

• command

• market

 In a ________ economy, the government sets all economic policy.

• Command

• Market