Economics

T or F: Factors of production are natural resources, capital goods, and management.

T/F: Form utility is created by changes in the form or shape of a product to make it useful

Examples of goods are....(choose the one that is incorrect).

T or F..Consumer goods are often in high supply in communist countries.

T or F: Capital goods should increase production costs.

Each country has an economic system as well as a political system

The bank that manages the nation's supply of money

T or F: The US is NOT a free market

______ is calculated by subtracting total costs from total earned receipts.

The three political systems are (choose incorrect one)

Examples of services: (choose the incorrect one)..

Economic system in which the method for determining what ,how, and for whom goods are produced.

T or F: Place utility refers to the place where it is NOT needed or wanted....

Time Utility refers to ownership of a good transferred from one person to another.

The study of the production and distribution of goods and services

The existence of only one seller who is able to avoid most competition.

The amount of a good or service available or produced...

Rewards or punishments are called __________.

The body of knowledge that relates to producing and using goods and services is

capital goods are buildings, tools, machines, and other equipment used to produce other goods.

Two types of wants are services and

Committing to a specific product

The political system influences the _______ ______.

The total spent on goods and services by a nation in one year

T or F Most countries have a mixed economy