Chapter 3 Section 1 Review

If Mr. Smith comes up with an idea for a business & invests his money to make it successful.

Canada and Sweden are both examples of countries with what type of economic philosophy?

Which Factor of Production involves the money needed to start and operate a business?

Who makes the decisions as to how goods should be made in a Command Economy?

The process of governments selling government-owned businesses to private individuals.

Which economic system is characterized by private ownership of business and competition?

Which of the following is Not 1 of the 4 Factors of Production?

Which nations pay the highest taxes?

In a Market Economy, who decides what goods and services should be produced and sold?

What economic philosophy does the United States utilize?

North Korea and Cuba are examples of countries with what kind of economic systems?

The difference between wants and needs and available resources is known as what?

Which Factor of Production involves all the people who work part-time & full-time in a nation?

All are questions that nations must answer when deciding how to use its resources except?

Which type of economy is all the decisions based on rituals and cultural beliefs?