Chapter 2 review

which is a problem for every country on earth

if the demand is high and the supply is low than the price will

Which of the two resources are always human

In a command economy, production and resources are controlled by

The factors of production are used to create

Tools, buildings, delivery trucks and other equipment are all examples of

Deciding to use a resource for one purpose and giving up the chance to use it for another is called

All of the following are renewable natural resources expect

The amount of money given or asked for when goods and services are bought or sold is the

In a market economy who would not be in control of resources and production

Metals, minerals, fossil fuels are all

Most of the world's nations are

Which of the following is NOT a characteristic of a command economy

Of the four factors of production, which resource must adapt to changing needs and wants

scarcity occurs when which of the following is true

All of the following are examples of nonrenewable natural resources except

In a command economy workers are

sacrificing making one thing with your resources in exchange for making another is known as

a renewable resource can be

When supply equals demand it is known as

Which of the following is not one of the three economic questions

the three economic questions are what to produce, how to produce it and

Things that are used to create goods and services are

Which of the following share in the fewest characteristics of command economy

The United States is an example of a

All of the following can affect price except

The amount of money given or asked for when goods and services are bought or sold is

Businesses desire to make profit is known as

Scarcity occurs when

The gov't is likely to control the factors of production in all of the following except