5 Written Questions
5 Matching Questions
- Capital Goods
- a People with all their efforts, abilities, and skills.
- b Process of creating goods and services.
- c Amount of money you make after selling a good.
- d Fundamental economic problem facing all societies that results from a combination of scarce resources and peoples virtually unlimited wants.
- e When manufactured goods are used to produce other goods and services.
5 Multiple Choice Questions
- Economic system that is followed how their ancestors did it.
- A way of thinking about a problem that compares to the cost of an action to the benefits received.
- the stock of basic facilities and capital equipment needed for the functioning of a country or area
- Risk taker in search of profits who does something with existing resources.
- using more capital than labor in the production process
5 True/False Questions
Economy System → Social Science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources.
Good → An item that is economically useful or satisfies an economic want.
Value → "Gifts of nature", or natural resources not created by humans
Free-Enterprise Economy → One in which consumers and privately owned businesses. rather that the government make the majority of the what, now, and for whom decisions.
Capital → The tools, equipment, machinery, and factories used in the production.