Unit 1 Part 2 Review

The FOUR main types of economies are mixed, traditional, command, and

• Incentive

• Inflationary

• Competitive

• Free Enterprise

What does GDP stand for?

• Goods Demand and Production

• Great Demand Products

• Gross Domestic Product

• Good Domestic Product

Which is NOT a factor of production in economies?

• Land

• Labor

• Entrepreneurship

• Infrastructure

The creativity and risk needed to develop new goods and services

• Economics

• Entrepreneurship

• GDP

• Economies

Which government gives citizens very few or no rights?

• Communism

• Democratic Republic

• Constitutional Monarchy

• Democracy

Which 2 factors does "Opportunity Cost" usually involve?

• Time

• Liberty

• Experience

• Money

Which economy deals with trade of goods and services WITHOUT money?

• Tradtional

• Free Entreprise

• Command

• Mixed

Limiting trade with other countries is...?

• Capital

• Trade Barrier

• Free Trade

• Communism

The desire for a good or service

• Demand

• Supply

• Producer

• Consumer

A factor that encourages people to act a certain way

• incentive
• persuasion
• stimulus
• motive