Social 9 Alberta - Chapter 6 Review - Economic Systems

What does the concept of scarcity refer to?

• Limited resources available to fulfill unlimited wants

• Abundance of resources to fulfill unlimited wants

• Unlimited resources available to fulfill unlimited wants

• Limited resources available to fulfill limited wants

How does scarcity affect decision-making?

• It forces individuals and societies to make choices

• It eliminates the need for decision-making

• It provides unlimited options for decision-making

• It increases the availability of resources for decision-making

What is the economic problem caused by scarcity?

• The need to allocate scarce resources among competing needs

• The abundance of resources to fulfill all wants

• The lack of resources to fulfill any wants

• The equal distribution of resources among all individuals

What is the factor of production that refers to natural resources?

• Land
• Labor
• Capital
• Entrepreneurship

Which factor of production represents the physical and mental efforts of workers?

• Labor
• Land
• Capital
• Entrepreneurship

What does the factor of production "capital" refer to?

• Money, machinery, tools, and equipment used in production
• Natural resources available for production
• Skills, knowledge, and expertise of workers
• The ability to take risks and innovate in business

The government owns and controls all major industries and resources, and decides what goods and services are produced. What type of economic system is this government practicing?

• Command Economy
• Mixed Economy
• Market Economy

The government provides public education and healthcare, but allows private businesses to operate freely in other sectors. What type of economic system is this government practicing?

• Mixed Economy
• Command Economy
• Market Economy

The government plays a minimal role in the economy, allowing private individuals and businesses to own and control resources and make economic decisions. What type of economic system is this government practicing?

• Market Economy
• Command Economy
• Mixed Economy

The government increases taxes and imposes regulations on businesses to protect workers and ensure fair competition.

• Shift Left
• Shift Right
• No Change