Chapter 3 Review

A tree growing in a forest is a factor of production called...

In a market economy, who decides how products are produced?

A country's infrastructure includes...

The term _____ refers to a period of renewed economic growth.

In a market economy, who decides whether a business will survive or fail?

In economic terms, land , labor, and capital, and entrepreneurship refers to ...

Measurement of the amount of goods and services the average person buy...

Which economy would best describe that of the US?

In a command economy, it is the consumers that decide what items will satisfy their wants/needs

a school of fish that are caught from the sea is a factor of production called ...

The money a firm raises is considered which factor of production?

What is the term that refers to a command economy transitioning to a market economy

Resource scarcity forces nations to make economic choices...

True or False: GDP and output are the same thing

Money to start and operate a business...

In a command economy, who decides how products are produced?

Inflation refers to to which of the following

In a traditional economy, who decides how products are produced?