Economics Terms Quiz

Type of economy made up of consumers and producers freely trading; also called free market

• Communism

• Capital

• Capitalism

One of the many choices or courses of action that might be taken in a given situation

• Capitalism

• Capital

• Communism

• Bourgeoisie

• Alternative

Risk taker who starts a new business; the one who combines the other three factors of production

• Bourgeoisie

• Capitalism

• Entrepreneur

Natural resources, such as minerals, used to make goods; one of the factors of production

• Labor

• Capital

• Capitalism

The study of how people make choices when supplies are limited

• Bourgeoisie

• Capitalism

• Capital

• Alternative

• Economics

Type of economy where the government owns all factors of production, there is no private property or choice

• Communism

• Capitalism

• Bourgeoisie

A person who uses a good or service; the people who decide to buy things

• Consumer

• Alternative

• Capitalism

• Bourgeoisie

• Capital

One of the 4 general factors of production; is a human-made resource

• Capitalism

• Bourgeoisie

• Alternative

• Capital

• Communism

Physical objects that can be purchased, like a bike

• Capital

• Goods

• Alternative

The rich class of business and factory owners that Marx and Engels said exploited their workers and should be overthrown

• Capitalism

• Communism

• Capital

• Alternative

• Bourgeoisie