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CA#5 review Flashcards | StudBud
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CA#5 review
CA#5 review
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Review for final
Flashcards
11 cards
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Practice quiz
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Questions
11
Answers
1
What are the three basic factors of production?
Soil, water, timber
labor, land, capital
tools, machines, buildings
Money, knowledge, skills
2
Which economic sector involves the manufacturing of goods?
secondary
quaternary
primary
tertiary
3
What economic sector is a farmer in?
Secondary
Quarternary
Tertiary
Primary
4
In what type of economic system a decisions made according to past customs?
Command economy
Market economy
Mixed economy
Traditional economy
5
cottage industry and commercial industry what are some examples ?
small-scale business and hand craft goods
Factory jobs and tractors on a big farm.
hand crafts goods and Using tractors on a big farm
the bartering system and imports and exports
6
An economic system that has very little change and dictated on decisions from the past
Command
Traditional
Mixed
Market
7
In what economic model does the government control all of the factors of production?
Mixed
Traditional
Market
Command
8
What type of economic system exists in the United States?
Socialist
Command
Traditional
Mixed
9
What economic sector is a food vendor in?
Tertiary
Quaternary
Secondary
Primary
10
What is another name for the market system?
None of the above
Capitalism
Command Economy
Mixed Economy
11
Resources used to produce goods and services is referred to as
None of the above
Opportunity Cost
Technology
Factors of Production
