Economics

In a truly free market economy, the government would not be involved at all.

• true

• false

The United Kingdom has a ________ economic system that is about 79% free and 11%command.

• mixed command

• command

• traditional

• mixed

Most countries in Europe have __________________________that lean closer to a pure market economy than a command one.

• command-type economies

• strict economies

• mixed economies

• traditional economies

What is capital resources?

• resources such as factories, equipment and tools

• a resource that comes from earth or nature

• resource from people, work that people do or skills and knowledge people have

• a resource from Washington DC

What is cost?

• not being able to have everything wanted making choices necessary; when supply is less than demand

• group of buyers and sellers of a particular good or service

• the money a business earns after it pays for supplies, salaries, and other costs

• the amount of money, time, or effort needed to do something.

What is scarcity?

• the amount of money, time, or effort needed to do something.

• not being able to have everything wanted making choices necessary; when supply is less than demand

• group of buyers and sellers of a particular good or service

• the money a business earns after it pays for supplies, salaries, and other costs

What is a market?

• the amount of money, time, or effort needed to do something.

• not being able to have everything wanted making choices necessary; when supply is less than demand

• group of buyers and sellers of a particular good or service

• the money a business earns after it pays for supplies, salaries, and other costs

What is profit?

• the amount of money, time, or effort needed to do something.

• not being able to have everything wanted making choices necessary; when supply is less than demand

• group of buyers and sellers of a particular good or service

• the money a business earns after it pays for supplies, salaries, and other costs

What is a budget?

• plan for making and spending money

• the total amount of a specific good or service that is available to consumers

• a consumer's desire and willingness to pay a price for a specific good or services

• money earned from working

What is demand?

• plan for making and spending money

• the total amount of a specific good or service that is available to consumers

• a consumer's desire and willingness to pay a price for a specific good or services

• money earned from working