Intro Economics

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1.
4 points
Labor is considered scarce when it is ____________________.
2.
4 points
What is it called when a person, country, or region makes one part of an item?
3.
4 points
What is considered all types of work?
4.
4 points
Money, machines, buildings, and tools are considered what?
5.
4 points
The study of how people and countries make choices is called ___________________________.
6.
4 points
When each worker completes one part of a large job, it is called _____________________.
7.
4 points
A product moves from worker to worker on a(n) what?
8.
4 points
Which of the following is NOT considered a factor of production?
9.
4 points
What is the cost of a trade off called?
10.
4 points
Natural resources include water, minerals, and ________________.
11.
4 points
Giving up one thing for another is a _____________________.
12.
4 points
People who take risks to start new businesses or improve old ones are called ________________________
13.
4 points
What is the most basic economic problem?
14.
4 points
Who was considered the father of modern economics?
15.
4 points
In what economy does the government own the utilities, transportation systems, and all other major industries?
16.
4 points
What is another name for capitalism?
17.
4 points
What type of economy is usually found in rural areas?
18.
4 points
What type of government do citizens take part in the government?
19.
4 points
What type of government is where people have a say but the government owns the major industries?
20.
4 points
Adam Smith believed that competition acts like a _______________________.
21.
4 points
What kind of economy is a blend of economic systems?
22.
4 points
What are the three basic economic questions?
23.
4 points
What is another name for command economy?
24.
4 points
Which economic system is the only pure system that really exists?
25.
4 points
In what type of economy does the government own all property, factories, and land?