| A | B |
|---|
| _____ is a system in which a central authority, such as the state, makes the key economic decisions. | command economy |
| _____ is a combination of a command and a market economy. | mixed economy |
| _____ is a system in which economic decisions are made in the marketplace according to the laws of supply and demand. | market economy |
| An example of a capital resource would be ______________. | an ice cream truck |
| Skilled, unskilled, physical, or intellectual are used in this chapter to describe ______. | human resources |
| The economy of the United States is ____________. | a mixed economy |
| An example of a capitalist country is ____. | Japan |
| What is a shortage of resources called? | scarcity |
| To produce goods and services, a society needs natural resources, human resources, capital resources, and entrepreneurial resources. | True |
| _____ is the price when the quantity of supply meets the quantity of demand of a particular good or service. | equilibrium price |
| What are limited resources called? | nonrenewable |
| Natural resources become factors of production when we use them to produce goods. | True |
| What type of resource are teacher, coal miners, bank managers, and farm workers? | human resources |
| _____ is the study of how society chooses to use resources to produce and distribute goods and services for people’s consumption. | economics |
| In most countries, what determines how many goods and services a person can buy? | income |
| _____ producers provide the goods and services that consumers want. | supply and demand |
| What are the means to produce goods and services called? | factors of production |
| The economy of many countries is based on natural resources. | True |
| Both individuals and societies have to deal with a shortage of resources. | True |
| We do NOT need labor to turn natural resources into goods and services. | False |
| _____ are raw materials from nature used to produce goods. | natural resources |
| What are the raw materials found in nature called? | natural resources |
| _____ is the knowledge, efforts, and skills people provide, also called labor. | human resources |
| _____ is the shortage of goods or services. | scarcity |
| _____ are the resources used to produce goods or services. | factors of production |
