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3.1 - Scarcity and Development of Economic Systems Flashcards | StudBud
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3.1 - Scarcity and Development of Economic Systems
3.1 - Scarcity and Development of Economic Systems
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1
In this type of economy, the government sets prices, decides what is produced, and sets wages.
Command Economy
Market Economy
Traditional Economy
Mixed Economy
2
The amount of wealth and resources available to a person in a community.
Factors of Production
Scarcity
Standard of Living
3
A system a country or community uses to manage their resources.
Economy
Standard of Living
Scarcity
4
An increase in the amount of goods and services produce over time.
Scarcity
Economic Growth
Command Economy
Factors of Production
5
Which of the following is an example of Human Capitol?
Knowledge of Planting
Tomatoes growing in the field
Tractor
All are examples of Human Capital
6
Which of the following is an example of Physical Capitol?
Tractor
Knowledge of Planting
Tomatoes growing in a field
All are examples of Physical Capitol
7
This type of Economy is driven by consumers with little or no government control.
Mixed Economy
Command Economy
Traditional Economy
Market Economy
8
This word means limited resources. Because of this, we are forced to make choices.
Communism
The Donut Economy
Scarcity
Capitalism
9
According to most economists, continued economic growth
will lead to a world with no poverty.
is the goal for all nations and communities.
all of the above
raises the standard of living.
10
The United States has this type of economy.
Mixed Economy
Traditional Economy
Market Economy
Command Economy
11
Which of the following is NOT a Factor of Production?
Labor
Natural Resources
All are Factors of Production
Capital
12
All economists think continued growth good.
False
True
