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Chapter 3.1 Quiz Review

Chapter 3.1 Quiz Review. In economic terms, land, labor, capital and entrepreneurship are called Factors of Production. The organized way a nation provides for the needs and wants of its people Economy.

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Chapter 3.1 Quiz Review

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  1. Chapter 3.1 Quiz Review

  2. In economic terms, land, labor, capital and entrepreneurship are called • Factors of Production

  3. The organized way a nation provides for the needs and wants of its people • Economy

  4. Coal, crude oil, trees and plants, a county’s climate and geography are which factor of production? • Land

  5. People who work full and part time in the private and public sector are examples of what factor of production • Labor

  6. Money, buildings, equipment, tools and goods used in the production process are what factors of production • Capital

  7. The skills of the people who invest their time and money to run a business are what factor of production? • Entrepreneurship

  8. Highways, air/water ports, utilities (water, electricity, sewer), communication (phone) • Infrastructure

  9. Difference between needs and wants and available resources • Scarcity

  10. Businesses decided how products will be produced in this economy • Market Economy

  11. Government decides what products to produce in this economy • Command Economy

  12. Consumers decide if a business will survive in this economy • Market Economy

  13. Forces a nation to make economic choices about how to use its resources • Scarcity

  14. In a choice between 2 or more options, this is the benefit that COULD have been received for the choice that was not selected (value of the foregone alternative) • Opportunity Cost

  15. All the alternatives in making a decision are called • Trade-offs

  16. Type of economy where the government answers all questions of what to produce, how to produce it and who will receive the product • Command

  17. Type of economy where the consumer decides what to produce, business decides how to produce goods, and people with money can purchase goods • Market Economy

  18. Political/social/economic philosophy where the government owns key industries, medical care and education are free or low cost and businesses and individuals pay higher taxes to pay for services • Socialism

  19. Political/social/economic philosophy where property is owned by the community as a whole rather than by individuals. Strives for a classless society • Communism

  20. Political/social/economic philosophy that would best describe the United States and Japan. Profit the motive for productivity. • Capitalism

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