What are two basic types of economic systems?

market economy and command economy

Which statement about natural resources is true?

Agri prods are rene new crops can be grown each season

Which is true about people working in a market economy who have labor skills that are in demand

Their earnings are not related to demand.

Which is a characteristic of socialism?

Major industries are government owned.

What is opportunity cost?

giving up to use a resource for one thing instead of another

Which statement about natural resources is NOT true?

amt of nat res avail to a society has no effect on its ecnmy

Which is an example of a capital resource?

a machine used to make molded plastic toys

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Ch. 2 Economic Resources and Systems

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Economic Resources and Systems

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Questions 15

Answers

1
What are two basic types of economic systems?
market economy and command economy
competition and profit
supply and demand
private enterprise and free enterprise
2
What is scarcity?
a lack of goods and services
unlimited wants and needs
a shortage of resources
limited expenses
3
Which is a characteristic of capitalism?
Prices are determined by government planners.
Resources are shared equally.
There is an even distribution of income.
Resources are privately owned.
4
Which statement about natural resources is true?
Water is renewable because it can be reproduced.
Coal is renewable, there is so much of it still in ground
Lumber is not renewable it takes long time to grow new trees
Agri prods are rene new crops can be grown each season
5
Which is true about people working in a market economy who have labor skills that are in demand
incomes are higher than others who skills are not in demand.
Their earnings are the same as other workers their age.
Their earnings are not related to demand.
incomes are lower than others whose skills are not in demand
6
Which is a characteristic of socialism?
Major industries are government owned.
There is little choice for consumers.
Individuals own all major resources
There is no incentive to create better products.
7
Which is NOT a factor of production?
natural resources
labor
the marketplace
capital
8
Which is most important in determining the price of a product or service?
supply and demand
business owners' preferences
equilibrium pricing
profit and competition
9
Which refers to how people satisfy their needs and wants by making choices?
equilibrium
economics
opportunity
entrepreneurship
10
Which is most likely to profit from society's changing wants and needs?
a business with substantial labor resources.
an entrepreneur
a business with existing capital resources
a producer of goods
11
Which means the same as human resources?
service providers
capital resources
unskilled workers
labor resources
12
Which is most likely to happen when the price for a good or service is high?
demand falls
supply increases
competition decreases
profits rise
13
What is opportunity cost?
the income people receive by taking risks
the methods and labor used to produce a good
giving up to use a resource for one thing instead of another
. the income people have to purchase goods and services
14
Which statement about natural resources is NOT true?
Countries that have scarce nat res must get them from others
Natural resources can be processed to make goods.
Synthetic materials such as nylon made from natural resource
amt of nat res avail to a society has no effect on its ecnmy
15
Which is an example of a capital resource?
a customer service representative
the president of a company
a machine used to make molded plastic toys
money borrowed from a bank

Ch. 2 Economic Resources and Systems Flashcards | StudBud