Chapter 3 Review

The skills of people willing to risk their time and money to run a business is known as:

Economic system where the govt controls the factors of production and makes all decisions

All things used in producing goods and services:

The phases of the business cycle include all of the following except:

A period of prolonged recession

To combat inflation, governments lower interest rates to encourage borrowing money.

Labor refers to all the people who work in the economy

An economic system where government makes all economic decisions is

All of the following considered infrastructure except:

An economic system where there is no government involvement in economic decisions is considered

All of the following are an economic questions except:

An economic system where the practices of ancestors regulates what items will be produced

The United States has a purely Market Economy

The way a nation provides for its citizens need and wants is known as:

Entrepreneurs employ the population

In a mixed economy, there is no government involvement in economic decisions

Recession is a period of economic slowdown that lasts about

Economic philosophy in which there is no monetary incentive for people to increase productivity

All economies in the world today are mixed.

All of the following are factors of production except:

All of the following are considered capital except:

The difference between a country's unlimited wants and limited resources is called:

The goals of a successful economy include all of the following except:

The business cycle can be affected by all of the following except:

Spain's landmarks used as tourist attractions is an example of the economic resource: