Economic Basics
What is the organized way a nation provides for the needs and wants of its people called?
What is an economy?
What are the four factors of production?
What are land, labor, capital, and entrepreneurship?
What is the difference between unlimited wants and limited resources called?
What is scarcity?
What type of economy is based on traditions and customs?
What is a traditional economy?
What philosophy supports competition and private ownership?
What is capitalism?
What are the three basic economic questions every nation must answer?
What to produce, how to produce, and for whom to produce?
Which factor includes natural resources like water, oil, and soil?
What is land?
Scarcity forces nations to do what?
What is make economic choices?
In which type of economy does the government make all economic decisions?
What is a command economy?
What system believes in government ownership and control of all resources?
What is communism?
What are all the things used in producing goods and services?
What are economic resources?
What factor includes the money and tools needed to start and operate a business?
What is capital?
True or False: Wealthy nations like the U.S. do not face scarcity.
False.
In which economy do individuals and companies make decisions with no government involvement?
What is a market economy?
Which philosophy seeks to meet basic needs through more government involvement in the economy?
What is socialism?
Labor and entrepreneurship are what type of economic resource?
What is intangible?
What factor involves the risk-taking individuals who start businesses?
What is entrepreneurship?
Why do businesses in less-developed countries struggle with scarcity?
They lack capital or skilled labor to develop natural resources.
What type of economy combines elements of traditional, market, and command systems?
What is a mixed economy?
Which type of government typically exists in communist systems?
What is an authoritarian government?
Land and capital are what type of economic resource?
What is tangible?
Which factor includes workers and the skills they bring to the job?
What is labor?
Name an example of how scarcity affects entrepreneurs.
They may not have enough capital to start or expand their business.
The U.S. has what kind of economy?
What is a mixed economy?
What do developing economies often need to improve in order to grow?
What is education and infrastructure?