Unit 1 Test Review

Front

Scarcity is defined as a limited supply of resources and...

Back

unlimited wants for available resources

Front

When wants exceed resources is known as

Back

Scarcity

Front

If a country has a poor education system and healthcare, this is a problem with

Back

Human Capital

Front

Today, the United States uses an economic system in which individuals make decisions about the "private property" they own, including the use of "money" as a medium for exchanging property. Based on this information, we can conclude that today the U.S. has a...

Back

Market Economy

Front

What type of economy involves a powerful government which owns all the "means of production" and makes all decisions regarding society's resources?

Back

Command Economy

Front

Place where buyers and sellers meet to exchange goods and services for money; price is determined by supply & demand

Back

Market

Front

When two people engage in trade, both sides will benefit if the trade meets which two requirements?

Back

voluntary and non-fraudulent

Front

An individual's knowledge or skills that make production of a good/service more efficient

Back

Human Capital

Front

_____ is a measure of how efficiently resources are used to create products.

Back

productivity

Front

Fair salaries and wages, competitive benefits, and safe and healthful working conditions are all important in creating a good

Back

quality of work life.