PF - Chapter 5-6 - Quiz Review

The knowledge and skills of people make up this...

A system where decisions about what to produce, how to produce them, and for whom are decided by individuals...

An Economic System is the way a society uses resources to satisfy its peoples' wants and needs.

There are four types of economy: Traditional, Command, Market and Mixed.

Choices revolve around 3 questions except...

A monopoly is when a person or business is the only supplier of a particular commodity.

Which of the following is NOT a type of business organization:

Which of the following is NOT one of the 4 principles of taxation:

Factories, equipment, and power systems are all examples of this...

An "opportunity cost" are things we give up with certain decisions we make.

Land, water, trees, and mineral are all examples of this...

"Equilibrium" is when the supply is greater than the demand.

A command economy is a type of "Capitalist" system.

A system where decisions about what to produce, how to produce them, and for whom are decided by a central government.

All of the following are types of resources except:

Scarcity deals with the idea of unlimited wants and needs while having limited resources.

Taxes are the main source of income for the government.

There are four stages to the business cycle: Contraction, Trough, Expansion, and Prosperity.

Which of the following is NOT a U.S. Economic Goal

System where economic decisions are based on traditional customs and beliefs of a society.