Video Quiz: Types of Goods and the Four Main Economic Systems

The part of economics concerned with individuals and their decisions.

• microeconomics
• sociology
• psychology
• macroeconomics

the study of the economy as a whole

• Psychology
• Macroeconomics
• Biology
• Microeconomics

A way that resources get around in a society.

• Accumulation

• Economic system

• Collection
• Transportation

_______ is available free of cost from nature

• Capital

• Entreprenuers

• Land

• Labor

Another word for workers is ______

• Capital

• Entreprenuers

• Land

• Labor

Any human made resource that is used to make something else is called ________

• Capital

• Entreprenuers

• Land

• Labor

Individual who has an idea and starts a business is called the ______

• Capital

• Entreprenuer

• Land

• Labor

Which one of these is NOT one of the three basic economic questions:

• Why to produce
• When to produce
• Where to produce
• How to produce

There are so many ways to produce goods and services, and all require land, labor, and capital, so this requires many ___________.

• trade-offs

• labor unions
• sunk costs

• easy decisions

The oldest economic system in history is a __________ economy

• modern
• traditional
• socialist
• capitalist