What is an economy review

What is an economy?

• government controls all means of production within the country

• an organized way a nation provides for its citizens

• the way a government makes money

• the way citizens make products from natural resources

Which one is NOT a factor of production in an economy?

• Entrepreneurship

• Labor

• Land

• Natural Resources

Which is NOT a land resource?

• Water

• Factories

• Oil

• Lumber

Which of these is an example of a capital resource?

• Delivery driver

• Crude Oil

• Bank Loan

• Water

True or false: Economies with well-trained labor have an advantage over other nations in attracting business.

• True

• False

refers to the skills of people who are willing to invest their time and money to run a business.

• Labor

• Land

• Capital

• Entrepreneurship

What forces nations to make economic choices?

• Capitilism

• Scarcity

• labor resources

• land resources

Which of these is NOT a broad category of the economy?

• Traditional

• Market

• Command

• Trade

What category of the economy is what is used in almost all countries in the world today?

• Command

• Market

• Traditional

• Mixed

Which category of economy is focused on rituals and traditions that answers the questions: for what, for who, and how.

• Traditional

• Market

• Mixed

• Command