Chapter 14 Test Review - Civics 8

A market economy rely on a steady flow of all of these EXCEPT?

• Resources

• Goods

• Services

• Government Red Tape

People exchange their ______ to buy ______ and services.

• Labor - Goods

• Resources - Goods

• Labor - Capital

• Resources - Capital

Payment for the use of capital from a bank or lender is known as?

• Interest

• Capital

• Financial Capital

• Services

What two things determine price?

• Government and Demand

• Supply and Demand

• Resources and the Market

• Advertising and Government

If demand is high for a good, what happens to the price?

• Goes up

• Goes Down

• Stays the Same

If supply is high for a good, what happens to the price?

• Goes up

• Goes down

• Stays the same

The price at which buyers and sellers agree to trade and where the supply and demand curves meet is known as the what?

• Government Price

• Market Interest

• Market Equilibrium

• Land, Labor, Capital

A person who starts a business is known as a?

• Worker

• Shark Tank

• Banker

• Entrepreneur

What are the three factors of production?

• Land, Labor, Capital

• Land, Labor, Government

• Land, Government, Capital

• Price, Fashion, Advertising

What is sometimes referred to as the fourth factor of production?

• Entrepreneurship

• Partnership

• Advertising

• Fashion