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Intro chapter 2 test review Flashcards | StudBud
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Intro chapter 2 test review
Intro chapter 2 test review
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Intro to Business review of supply and demand, economic systems, etc
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
The knowledge, efforts, and skills people provide, also called labor
economics
command economy
supply and demand
human resources
2
What are limited resources called?
market demand
nonrenewable
renewable
supply
3
Which of the following countries has moved toward more of a communist economy?
France
Germany
Venezuela
4
The United States has this type of economic system.
mixed
strong command
moderate command
market
5
Both individuals and societies have to deal with a shortage of resources.
True
False
6
___is the study of how society chooses to use resources to produce/distribute goods for people
economics
ergonomics
market demand
demand
7
To produce goods/services society needs natural, human, capital & entrepreneurial resources
False
True
8
What are the raw materials found in nature called?
human resources
unlimited resources
factors of production
natural resources
9
___ is the amount of goods and services that producers will provide at various points
profit
demand
supply
goods
10
Raw materials from nature used to produce goods
renewable resources
scarcity
economics
natural resources
11
Which of the following is NOT an example of a capital resource?
materials
equipment
factory worker
buildings
12
The resources used to produce goods or services
mixed economy
market economy
factors of production
natural resources
13
What type of resource are teachers, miners, bank managers, and farmers?
natural resources
capital resources
human resources
entrepreneurial resources
14
What is a shortage of resources called?
factors of production
natural resources
scarcity
profit
15
In a ___, economic decisions are made in the marketplace according to laws of supply and demand
tribal economy
commercial economy
market economy
free economy
16
______ is the amount of goods and services that consumers are willing to buy at various prices
supply
scarcity
profit
demand
17
The graphic below shows the supply curve.
False
True
18
The shortage of goods or services
supply
scarcity
command
economics
19
A _ is a system in which a central authority, such as the state, makes key economic decisions.
mixed economy
market economy
command economy
20
What are the means to produce goods and services called?
standard of living
factors of production
economics
intangible desires
