Ch.12 Sociology

Everyone faces scarcity at all times.

• True
• False

Which of the following is not one of the 3 basic questions that Economies must answer?

• What to produce

• How to produce

• For whom to produce

• When to produce

• None

Select all that are a factor of production.

• Land
• Labor
• Capital
• Entrepreneurship
• Money

Pre Industrial Societies have...

• Very little technological development,
• Majority of the population is engaged in producing food
• High level of technological development

_ is the system in which the factors of production are owned by individuals.

_ is the system in which the government controls all aspects of the economy.

Adam Smith said that a market economy is guided by _.

• The Government
• An invisible hand
• The people
• The president

Karl Marx described two groups of people, they were the _ and the _.

• Proletariat
• Bourgeoisie
• Fascists
• Nobles

Term used when two or three businesses control an industry.

• Monopoly
• Oligopoly
• Trust
• Monarchy

Wal-Mart has a larger economy than some countries.

• True
• False