ECONOMICS REVIEW

Which of these is a basic need?

• video game

• food

• BMW 3 series car

• TV

Which of these is a want (not a need)?

• i-pod

• shelter

• water

• clothing

What are the Factors of Production?

• traditional, market, communist

• money, money, money

• hard-working, risk-taking, bank account

• land, labor, capital

Which factor of production is shown here?

• land

• labor

• capital

What are the resources needed to produce all goods and services?

• stocks

• factors of production

• needs and wants

• winning lotto tickets

Which economic system is based on habits, customs, and mostly trading?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Which economic system is based on the government making all of the economic decisions?

• Mean Guy Economy

• Mixed Economy

• Command Economy

• Traditional Economy

What is an economic system in which the people make economic decisions but the government does play a role in making laws they have to follow?

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

When people get to decide what they want to buy or sell and for how much, it is called a...

• forced exchange

• ebay exchange

• command economy

• voluntary exchange

When there is not enough supply of a product for a temporary amount of time, it is called a....

• scarcity

• shortage