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- 1. Multiple Choice
An economy based on private ownership of business and consumers freely choose goods and services.
Capitalism
Communism
Traditional
Mixed
- 2. Multiple Choice
Human-made materials used to produce goods and services.
capital
land
labor
entrepreneur
- 3. Multiple Choice
An economy where the government controls the factors of production resources.
command
market
capitalism
mixed
- 4. Multiple Choice
buys and uses goods and services
consumer
producer
entrepreneur
labor
- 5. Multiple Choice
The number of consumers who want and able to buy a good or service.
demand
supply
opportunity cost
entrepreneur
- 6. Multiple Choice
how resources are used to meet peoples wants and needs
economics
demand
supply
entrepreneur
- 7. Multiple Choice
a person who has the ideas and skills to start a business
entrepreneur
laborer
manager
consumer
- 8. Multiple Choice
what is needed to make goods and provide services
productive resources
supply and demand
consumer
entrepreneur
- 9. Multiple Choice
The value of all the goods and services that a country produces in a year.
Gross Domestic Product (GDP)
Factors of Production (FOP)
Free-Market Economy (FME)
- 10. Multiple Choice
Items for sale that can be touched.
goods
services
demand
profit
- 11. Multiple Choice
talents and skills of human beings
labor
land
capital
entrepreneur
- 12. Multiple Choice
material from Earth needed to make goods and services
land
labor
capital
entrepreneur
- 13. Multiple Choice
things that people must have in order to survive
needs
wants
opportunity cost
scarcity
- 14. Multiple Choice
the value of the second-best choice that is given up when a decision is made
opportunity cost
producer
profit
scarcity
- 15. Multiple Choice
someone who makes goods and services
producer
consumer
entrepreneur
government
- 16. Multiple Choice
the amount of money a business makes after its expenses are paid
profit
supply
demand
scarcity
- 17. Multiple Choice
Many individuals desiring something that has limited availability
scarcity
opportunity cost
supply
needs
- 18. Multiple Choice
work done for someone else in exchange for payment
services
supply
scarcity
land
- 19. Multiple Choice
when a country becomes skilled at producing one good or service
specialization
scarcity
profit
labor
- 20. Multiple Choice
things that people would like to have but can live without
wants
needs
scarcity
opportunity cost
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