Unit 7B Retest Review

What type of economy? A 5th generation farmer is shown in the picture.

• Command

• Market

• Mixed

• Traditional

Match the following factors of production.

• Labor

• 
• Land

• 
• Capital

• 

Which of the following are the basic economic questions? (Select more than one answer.)

• What goods and services will be produced?

• Why will the goods and services be produced?

• How will the goods and services be produced?

• Who will consume the goods and services?

​ (a)   is a famous entrepreneur known for creating automobiles and ​ (b)   is famous for creating Microsoft.

• Henry Ford
• Bill Gates
• Kathy Ashmore
• Elon Musk

​ (a)   is the economic system that is based on supply and demand and encourages competition. ​ ​ (b)   is the economic system combining both command and market economies. ​ (c)   is an economy in which production is based on customs and roles and passed down from one generation to the next.

• Market
• Mixed
• Command
• Traditional

____ is the reason why societies create economic systems.

• Supply

• Demand

• Scarcity

• Natural Resources

Amazon, HEB, Walmart are examples of ____ industry.

• Retail

• Agriculture

• Manufacturing

• Service

____ is the industry that includes natural resources from the Earth (mining, fishing, and farming).

• Retail

• Agriculture

• Manufacturing

• Service