___________ is the study of how people and nations use their limited resources to attempt to satisfy wants and needs.

• sociology
• biology
• economics
• finance

A ________________ is a rule or procedure that has the force of law.

• government regulation

• bylaw
• ordinance
• statute

Below select the "Factors of Production" that are part of every economy. (Hint: You will select MORE than just one..)

• Producers

• Consumers

• Labor

• Resources

Match the following "Factors of Production" with the description that best fits the word choice above.

• Money or Resources to purchase or invest

• Consumers

• The work people do

• Entrepreneurs

• People who buy and use goods & services

• Financial Capital

• Risk-taking individuals

• Labor

An economic system that emphasizes private ownership of the factors of production, freedom of choice, and individual incentives is called.

• capitalism
• socialism
• feudalism
• communism

A person who buys what is produced by an economy is called a ____________.

• producer
• supplier
• consumer
• distributor

A ______________ is an economic system in which buyers and sellers make free choices in the market place.

• free market

• planned economy
• mixed economy
• command economy

____________ is the philosophy that government should keep its hands off the economy.

• capitalism
• socialism
• communism
• laissez-faire

Select ALL the correct characteristics of capitalism shown below. (Hint: you will select MORE than one)

• private ownership

• competition

• freedom of choice

• Government control of production, transportation, and distribution

Which country below is the best example of an economy with a capitalist system?

• China
• Cuba
• Canada

• United States