CH 2 Economic Resources and Systems

Front

What are limited resources called?

Back

nonrenewable

Front

Modern day Russia is a good example of a society trying to move from a _______________ to a more ________________.

Back

strict command economy; market-based economy

Front

If the price of a good rises, producers will be encouraged to produce __________ of that item.

Back

more

Front

____________ is the study of how society chooses to use resources to produce and distribute goods and services for people's consumption.

Back

economics

Front

shortage of resources

Back

scarcity

Front

classify the following resource as either natural, human, capital, or entrepreneurial ... a tree

Back

natural

Front

classify the following resource as either natural, human, capital, or entrepreneurial ... an office building

Back

capital

Front

classify the following resource as either natural, human, capital, or entrepreneurial ... Elon Musk

Back

entrepreneurial

Front

classify the following resource as either natural, human, capital, or entrepreneurial ... a bus driver

Back

human

Front

What type of economy is the United States?

Back

mixed