Economics Unit Quiz

Which of the following ways to invest or save your money is the LEAST risky?

In the United States, our economic system is socialism.

Under socialism, there is a chance that the government can become too powerful and not give enough money to people.

What is capitalism?

Which of the following is where you keep track of how much you spend and make sure you are spending less than you make?

What is a service?

Which of the following is an example of a renewable resource?

What is a good?

What is socialism?

If i start a business then I am an entrepreneur.

In Captialism, everyone is well off and their basic needs are met. There are no one who is very poor.

The United States has a pure market system. The government does not interfere with the economy at all.

Which is an example of a nonrenewable resource?

What is an item(s) you might save your money for?

The United States has a mixed market economy because it does provide some services to its citizens.

If the government owns everything in socialism, I may lose my property to them if I do something wrong.

In the United States, we have a market economy.

What is communism?

Which is NOT a factor of production?

What is the definition of wants?

Interest refers to the money paid regularly at a particular rate for the use of money

What is the definition of needs?

What is the definition of economics?

Which one of the following IS a Factor of production

Karl Marx was the one who came up with the idea of capitalism.

Which one of these is a basic economic question?