Mini-Society Test

What type of economy is controlled almost entirely by the government?

• Market economy
• mixed economy
• command economy

What type of economy is there when the market determines which goods and services are produced?

• market economy
• command economy
• controlled economy

These are items brought into a country.

• exports
• imports
• profits

These are items that are sent to another country.

• exports
• imports
• profits

This is the situation that results when there isn't enough of a product.

• surplus
• scarcity
• free enterprise

This is the situation that results from too much product and not enough demand.

• surplus
• scarcity
• free enterprise

This term describes the revenue that is left over after expenses are paid.

• scarcity
• profit
• opportunity cost

These are natural resources that can't be replaced in a reasonable amount of time.

• renewable resources
• non-renewable resources

These are natural resources that can be replaced in a reasonable amount of time.

• renewable resources
• non-renewable resources

_____________ is the amount of product or service available.

• profit
• supply
• demand