Share Economy Review 2020 A
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In a command economy, the means of production are owned by
the government
Which economic system is based on cultural customs?
Traditional Economic System
This is needed FIRST to start and operate a business
capital
The difference between wants and needs and the resources available to meet these needs is called
scarcity
What are the four major resources?
capital, land, labor, entrepreneurship
What is another name for factors of production?
resources
The process of choosing one good or service over another
opportunity cost
Economics grow and shrink over time. This pattern is called
business cycle
Which economic systems do the people have unlimited choices?
market
Which economic system does the government become more powerful?
command
Which economic system are most goods and services offered by private companies?
market
Your credit score will be considered bad if you pay your bills on time.
False
Producers don't compete because everyone works to meet the community's survival needs.
traditional economy
The government sets wages, so people aren't motivated by profit.
command economy
The government owns the property.
command economy
Which banking account allows you to make unlimited withdrawals?
checking account
