Econ Test Review (Economic Systems, Supply/Demand)

All natural resources used to produce a good or service:

All human made resources used to produce a good or service:

An economic system which has a combination of government control and consumer choice:

A decrease in the number of consumers will cause:

Which of the following is NOT one of the 3 Economic Questions?

The knowledge or skills a person gains through education or experience:

If the price of hot dog buns decreases, what will happen to the supply/demand for hot dogs?

In a market system, consumers make decisions based on __________

The Law of Demand states:

An increase in the price of a good will cause:

An increase in income will cause:

Which of the following is NOT one of the Factors of Production?

An economic system in which a government makes most of the economic decisions:

The human effort used to produce a good or service:

An increase in the Cost of Inputs will cause:

A decrease in the number of producers will cause:

A government subsidy to promote production of an industry will cause:

An economic system in which business owners and consumers make most of the economic decisions:

The Law of Supply states: