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