Economics Review Flashcards

1

Tangible items that satisfy people's wants

goods
services
human resources
capital resources

2

Activities that satisfy people's wants

natural resources
productive resources
services
goods

3

Risk takers in the production process

entrepreneurs
capital resources
human resources
natural resources

4

Mail delivery is an example of what type of resource?

human resources
entrepreneurship
capital resources
natural resources

5

Limited supply of something

natural resources
productive resources
scarcity
capital resources

6

Lemons are an example of which type of resources?

human resources
capital resources
natural resources
entrepreneurship

7

People who work to produce goods and services

natural resources
human resources
services
capital resources

8

Value of the best alternative given up

goods
scarcity
opportunity cost
services

9

Which of the following is NOT a question all economic systems answer?

How to produce?
What to produce?
How and to whom will it be distributed?
How much does it cost?

10

Economic system based on customs and habits of the past

traditional
market
mixed
command

11

Prices guide this economic system

traditional
market
command
mixed

12

Term used for economies that have characteristics of the command and market economy

mixed
traditional
command
market

13

Factories, machines, buildings used in the production process

capital resources
human resources
entrepreneurship
human resources

14

Percentage of people in a country who can read and write

goods
literacy rate
services
human resources

15

Economic system in which the government owns the land, factories, and businesses

mixed
traditional
command
market

Economics Review

Questions 15

Economics Review

Questions 15