unit 8 ce 11 review

Which economic term best describes the scenario above? A hurricane left the city without electricity for a week. Stores quickly ran out of water and food

• Choice
• Scarcity
• Production
• Competition

Which of the following represents a capital resource?

• Farmer
• Tractor
• Cow
• Corn

What is the best title for the process shown in the diagram?

• Choice
• Scarcity
• Production
• Opportunity cost

Consumers using goods and services is an example of-

• scarcity
• incentives
• production
• consumption

In the picture show, Gabe is the-

• Main resources
• Capital resources
• Human resources
• Natural resources

What is the best title for the list below?

• Choices
• Scarcity
• Resources
• Consumption

What is a Traditional Market Economy

• Central authority makes economic decisions.
• Economic decisions are based on customs and culture.
• Government is minimally involved, more individual choice.
• Government is the owner and decision maker of the public sector.

Choose the word that best completes the sentence. The key factor in determining the type of economy a country has is the extent of __________ involvement.

• business
• governement
• citizen
• global

What is the key factor in determining the type of economy a country has?

• The profit motive of businesses.
• Extent of government involvement.
• The amount of imports and exports per year.
• What products and services are being produced.

What is the driving force behind individuals and businesses seeking to maximize their profits?

• Profit Motive
• Profit
• Producers
• Consumers