6th Grade Chapter 32: What is an Economy?

Resources for producing goods and services to satisfy people's wants.

Use your money to help a business get started.

How has technology affected the economy of the United States?

What influences how a society makes the three basic economic decisions?

Amount

The highest valued benefit given up when a choice is made.

Private individuals own the factors of production in a:

The government usually owns important parts of the economy in a:

Anything produced in an economy that is used to produce other goods and services.

In today’s world, most countries have a:

Hunters probably hunt the same game by the same methods in a:

Limited resources compared to people’s wants is known as:

An economy that is a combination of the three basic systems.

The buying or using of goods and services.

The practical application of science to commerce or industry.

Which of the following is an important feature of capitalism?

Which is considered capital when used to produce goods and services?

Which are examples of people’s basic wants?

Process by which goods and services are made available to the people who want them.

Which economic decision might a farmer make?

To produce goods and services, labor, land, and capital combine in a:

Sys. in which peeps make their own decisions about how to save resources as capital & use it.

The three basic factors of production are:

Which of the following is an example of free enterprise?

If someone decides the cost of taking a job is more than benefits, the decision was based on: