A society that values freedom might

let citizens compete for products

Which of the following is an example of free enterprise?

privately owned shops that sell consumer goods

What is the third major decision made in an economy?

How are the goods and services divided?

What is the second major decision made in an economy?

How are the goods and services produced?

studbud

What is an economy?

20 termsStudBud Administration211 plays

Imported from external platform

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
Which of the following is an example of scarcity?
You eat out with firends
Japan can't grow enough food
You want warm winter clothes
Plants need soil and water
2
Which economic decision might a farmer make?
what kind of equipment to use
what crop to grow
all are correct
whether to use pesticides
3
What influences how a society makes the three basic economic decisions?
the technology level used by labor
the wants people have
the available resources
the society's goals and values
4
Hunters probably hunt the same game by the same methods in a
command economy
traditional economy
mixed economy
market economy
5
Limited resources compared to people's wants is known as
capital
scarcity
profit
opportunity cost
6
competiton and profit seeking play a large role in
traditional economy
command economy
market economy
all are correct
7
In today's world, most countries have a
mixed economy
market economy
traditional economy
command economy
8
A society that values freedom might
all are correct
let citizens compete for products
control all economic decisions
shar products equally
9
Which is considered capital when used to produce goods and services?
water
machines
time
skills
10
People looking for a profit may hope that
cost of production will be lower thant price paid by buyer
their product or service will be better than a competitors
all are correct
their investment in a new business will help it grow
11
Private individuals own factors of production in a
market economy
mixed economy
command economy
traditional economy
12
In this country, who makes the first decision?
distributors
people who will buy the product
people who own resources
laborers
13
Which of the following is an important feature of capitalism?
use of capital is controlled by tradition
capital is government owned
capital is privately owned
all are correct
14
The government usually owns important parts of the economy in a
command economy
market economy
traditional economy
mixed economy
15
Which of the following is an example of free enterprise?
public education
privately owned shops that sell consumer goods
amounts of food awarded on the basis on the role in the hunt
government price limits on oil
16
The three basic facotrs of production are
labor, land, capital
tools, machines, buildings
soil, water, timber
money, knowledge, skills
17
Which are examples of peoples' basic wants?
food and shelter
freedom and knowledge
education and healthcare
tools and buildings
18
What is the third major decision made in an economy?
How are the goods and services produced?
What is produced?
How can wants be satisfied?
How are the goods and services divided?
19
What is the first major decision made in an economy?
What and how much is produced?
How can wants be satified?
Who gets the goods and services?
How are the goods and services going to be produced?
20
What is the second major decision made in an economy?
Who gets the goods and services
Who protects the environment?
How are the goods and services produced?
What and how much is produced?

What is an economy? Flashcards | StudBud