Chapter 2 Economic Resources and Systems

Question 1

Money used to produce goods and services is a(n) _____ .

Accepted Answer

Capital resource

Question 2

In command economy, key economic decisions are made by _____ .

Accepted Answer

A central authority

Question 3

The economic resources needed to make a society's goods and services are called _____ .

Accepted Answer

Production

Question 4

The amount of natural resources available to a society has a(n) ____ effect on it's economy.

Accepted Answer

Direct

Question 5

The amount of goods that producers will provide at various prices is called the ____ .

Accepted Answer

Supply

Question 6

The United States is primarily a _____ economy.

Accepted Answer

Market

Question 7

Individuals who direct businesses to produce goods and services are called ___ resources

Accepted Answer

Entrepreneurial

Question 8

Economic systems are the methods societies use to distribute _____ .

Accepted Answer

Resources

Question 9

A lack of the resources needed to go into producing goods and services is called ______ .

Accepted Answer

Scarcity

Question 10

The quantity of goods that consumers are willing to buy at various prices is called the ____ .

Accepted Answer

Demand

Question 11

People who are paid to make goods and services are called ______ resources .

Accepted Answer

Labor

Question 12

Factors of production can all be categorized into _____ groups.

Accepted Answer

Four

Question 13

The three basics economic questions begin with each word except _____ .

Accepted Answer

Why

Question 14

The amount of money given or asked for when a service is bought or sold is called it's _____ .

Accepted Answer

Price

Question 15

Raw materials from nature are called _____ resources .

Accepted Answer

Natural

Question 16

When dealing with scarcity, it's important to identify the best way to use the item that is ___

Accepted Answer

In short supply

Question 17

The point at which the quantity demand and the quantity supplied meet is called the ____ price.

Accepted Answer

Equilibrium

Question 18

In the market economy, Economic decisions are made _____ .

Accepted Answer

By the marketplace

Question 19

Natural resources are often ____ in various ways to create goods.

Accepted Answer

Processed

Question 20

Another name for a market economy is a ______ system.

Accepted Answer

Free enterprise

Questions 20