Economics Review Flashcards

1

Factories, machines, buildings used in the production process

human resources
entrepreneurship
human resources
capital resources

2

Value of the best alternative given up

scarcity
opportunity cost
goods
services

3

People who work to produce goods and services

services
human resources
natural resources
capital resources

4

Tangible items that satisfy people's wants

goods
human resources
capital resources
services

5

Lemons are an example of which type of resources?

human resources
natural resources
capital resources
entrepreneurship

6

Limited supply of something

capital resources
natural resources
scarcity
productive resources

7

Prices guide this economic system

mixed
market
command
traditional

8

Percentage of people in a country who can read and write

human resources
services
literacy rate
goods

9

Which of the following is NOT a question all economic systems answer?

How to produce?
How and to whom will it be distributed?
How much does it cost?
What to produce?

10

Activities that satisfy people's wants

natural resources
productive resources
services
goods

11

Mail delivery is an example of what type of resource?

capital resources
entrepreneurship
natural resources
human resources

12

Economic system based on customs and habits of the past

mixed
market
command
traditional

13

Term used for economies that have characteristics of the command and market economy

traditional
mixed
market
command

14

Economic system in which the government owns the land, factories, and businesses

command
traditional
market
mixed

15

Risk takers in the production process

natural resources
capital resources
entrepreneurs
human resources

Economics Review

Questions 15

Economics Review

Questions 15