Chapter 6 new book (ch 5 old book)

Which type of economy is also known as free enterprise or capitalism?

Which of the following statements about natural resources is true?

Economy in which both the government and individuals make decisions about economic resources.

Economy in which decisions are based on the society’s values, culture, and customs.

Willingness and ability to start a new business.

Technology that is powered by steam and fuel combustion is ____ technology.

One of the disadvantages of a free-enterprise system is ____.

Value of the next-best option that was not selected in an economic decision.

Economy in which the government makes all of the economic decisions for its citizens.

Which of the following is a characteristic of a strong economy?

The economic problem states that____.

One of the facets of macroeconomics is the study of how ____.

Actions taken by two or more businesses attempting to attract the same customers.

All the tools and machinery used to produce goods or provide services.

Branch of economics that studies human behavior and choices that relate to the entire economy of a nation.

Which of the following is not considered a market force?

Scarcity develops when ____.

Another term for a centrally-planned economy is ____.

The amount of work a person can do in a specific amount of time is known as ____.

When the supply of a product is lower than the level of demand, which of the following typically occurs?

The factor of production that includes bridges, airports, and electric power plants is ____.

Which type of economy does the United States have?