Economic Unit Test

An economic system in which social roles and cultural determine how goods and services are made, sold, and bought

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

What type of economic system does supply and demand determine price?

• Traditional

• Command

• Mixed

• Market

Free enterprise and no government regulation on the economy

• Command Economy
• Market Economy
• Traditional Economy
• Mixed Economy

What are the four types of economies?

• command, demand, capitalist, communism
• traditional, command, market, mixed
• mixed, market, traditional, primary
• Natural resources, capital goods, human capital, & entrepreneur 

Workers and their abilities, talents, training, skills, and knowledge used to produce goods or services is called_______________________.

• human (labor) resources
• natural (land) resource
• capital resources
• global resources

Which one of the four factors of production does the image show?

• Entrepreneur

• Capital

• Natural Resources

• Labor

Which one of the four factors of production does the picture show?

• Labor

• Natural Resources

• Capital

• Entrepreneur

What is a Command Economy?

• CAPITALISTIC economy in which there is free competition and prices are determined by interaction of supply and demand

• An economic system COMBINING private and public enterprise.

• When production, investment, price, and income are determined centrally by a GOVERNMENT.

• A system that relies on customs, history, and time-honored beliefs.

What could be an example of capital?

• Buildings

• Machines

• Money

• All of the above

The internet, computers, factories, and Technology are all...

• Capital Goods

• Human Capital

• Natural Resources

• Entrepreneurship