Intro to Business - Chapter 02 - Economic Resources and Systems

Question 1

TRUE OR FALSE: The economy of many countries is based on natural resources.

Accepted Answer

True

Question 2

What is a shortage of resources called?

Accepted Answer

scarcity

Question 3

A combination of a command and a market economy is called what?

Accepted Answer

mixed economy

Question 4

A system where economic decisions are made in the marketplace.

Accepted Answer

market economy

Question 5

The study of how society chooses to use resources to produce & distribute goods & services.

Accepted Answer

economics

Question 6

The United States is primarily a _____

Accepted Answer

market economy

Question 7

TRUE OR FALSE: We do not need labor to turn natural resources into goods and services.

Accepted Answer

False

Question 8

A system where the government makes the economic decisions

Accepted Answer

command economy

Question 9

TRUE OR FALSE: Both individuals and societies have to deal with a shortage of resources.

Accepted Answer

True

Question 10

T OR F: To produce goods & services, we need natural, labor, capital & entrepreneur resources.

Accepted Answer

True

Question 11

TRUE OR FALSE: The resources we encounter daily make up the Factors of Production.

Accepted Answer

True

Question 12

What are the means to produce goods and services called?

Accepted Answer

factors of production

Question 13

_____ & _____ is the relationship where producers provide the goods & services that buyers want

Accepted Answer

supply and demand

Question 14

What are the raw materials found in nature called?

Accepted Answer

natural resources

Question 15

What are limited resources called?

Accepted Answer

nonrenewable

Question 16

Lisa and her friends love donuts. Now Ma's Bakery will most likely lower their donut prices.

Accepted Answer

False

Question 17

What type of resource are teachers, coal miners, bank managers, and farm workers?

Accepted Answer

human resources

Question 18

What is true if the price for DVDs goes up?

Accepted Answer

Demand for DVDs will go down

Question 19

TRUE OR FALSE: Natural resources become factors of production when we use them to make goods.

Accepted Answer

True

Question 20

The knowledge, efforts, & skills people provide is called? HINT: AKA human resources.

Accepted Answer

labor resources

Questions 20