POB Chapter 2 Economic Resources and Systems

Question 1

Using a resource for one purpose and giving up the chance to use it for something else is

Accepted Answer

opportunity cost

Question 2

Some natural resources, such as wheat and cattle, are

Accepted Answer

renewable

Question 3

A(n) ___ is an economic system in which economic decisions are made in the marketplace.

Accepted Answer

market economy

Question 4

Economies with greater government control of resources are considered more

Accepted Answer

socialistic

Question 5

The ___ is the point at which the quantity demanded and the quantity supplied meet.

Accepted Answer

equilibrium price

Question 6

Coal, iron, and oil are _____ resources.

Accepted Answer

nonrenewable

Question 7

Entrepreneurial resources are different from labor resources.

Accepted Answer

True

Question 8

An individual who undertakes the creation, organization, and ownership of a businesses

Accepted Answer

entrepreneur

Question 9

A shortage of resources is called

Accepted Answer

scarcity

Question 10

Two basic types of economic systems are a market economy and a demand economy.

Accepted Answer

False

Question 11

Resources are the things necessary for making only what people need.

Accepted Answer

False

Question 12

Scarcity occurs when

Accepted Answer

demand exceeds supply

Question 13

Buildings, delivery trucks, and equipment are all examples of

Accepted Answer

capital resources

Question 14

The desire to make a profit is

Accepted Answer

profit motive

Question 15

All of the following are factors of production except

Accepted Answer

educational resources

Question 16

The study of how individuals strive to satisfy their needs and wants by making choices

Accepted Answer

economics

Question 17

In a command economy,

Accepted Answer

highly skilled workers earn the same as low-skilled workers

Question 18

Every type of business needs labor resources to produce goods and provide services.

Accepted Answer

True

Question 19

A(n) ___ is a combination of a market and a command economy.

Accepted Answer

mixed economy

Question 20

In a market economy, resources are

Accepted Answer

privately owned

Question 21

Which of the following is NOT a basic economic question?

Accepted Answer

Who should share in the profit?

Question 22

In a market economy, the higher the price,

Accepted Answer

the less consumers will buy

Question 23

The amount of goods and services that producers will provide at various prices

Accepted Answer

supply

Question 24

A shortage of resources is called

Accepted Answer

scarcity

Question 25

Things used to produce goods and services

Accepted Answer

capital resources

Question 26

Most nations have a

Accepted Answer

mixed economy

Question 27

In a command economy, resources and businesses are owned and controlled

Accepted Answer

by the government

Question 28

Which of the following is not a characteristic of a command economy?

Accepted Answer

There is much competition.

Question 29

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

Accepted Answer

price

Question 30

People who make the goods and services for which they are paid

Accepted Answer

labor resources

Question 31

In a market economy, producers set a price that

Accepted Answer

will cover their costs and result in profit

Question 32

Every society has enough productive resources to produce everything people want and need.

Accepted Answer

False

POB Chapter 2 Economic Resources and Systems

Questions 32

POB Chapter 2 Economic Resources and Systems

Questions 32