All are components of the factors of production EXCEPT ___. Labor A: Natural Resources B: C: Industry D: Capital

C. Industry

The United States has a ____________ Free Enterprise System Communist economy A: B: Command economy Traditional economy C: D:

Free Enterprise System

When there is a high demand for a product, but a very low supply. Popularity B: Scarcity C: Inventory D: Industry

B. Scarcity

Items that we buy in America Stores that were made in China are examples of… A: Exports B: Services C: Production D: Imports

D. Imports

What type of economy is found in North Korea and Cuba? A: Capitalism B: Free Enterprise C: Traditional D: Communist

D. Communist

example of which economic Free Enterprise is an example of which economic system? Traditional Economy A: B: Communism C: Socialism D: Capitalism

D. Capitalism

In the U.S. free enterprise system, businesses are privately owned and run _________. To make social changes. To make a profit. A: B: As nonprofit organizations. C: To help others. D:

A. To make a profit.

of Production, all of these would be examples of “Capital” EXCEPT Using the Factors of Production, all of these would be examples of “Capital” EXCEPT A: Coal B: Factories C: Trucks D: Furnaces

A. Coal (Natural Resource)

Producing goods to meet the needs of people (food, shelter, work, clothes) is the concern of all _________. Geographic systems Cultural systems A: B: Economic systems C: Ethnic systems D:

D. Economic Systems

America has a free enterprise system which encourages workers to __________. Work hard and make profits. A: Retire early. B: Join worker unions. Drop out of school. C: D:

B. Work hard and make profits.

An economic system that where the Government provides jobs and sets prices is called a _________. A: Market economy B: Capitalism Command Economy Traditional Economy C: D:

C. Command Economy

Countries that are poor and usually meet their needs for food and shelter the same way as their parents did is called a __________. A: Command Economy B: Traditional Economy C: Market Economy D: Mixed Economy

B. Traditional Economy

_______ is to private ownership of goods and services as _______ is to government ownership of goods and services Communism, Capitalism Capitalism, Free Enterprise A: B: Capitalism, Communism Communism, Socialism C: D:

C. Capitalism, Communism

What would most likely happen to the price of flip-flops if a store has too large of an inventory? It decreases Does not affect price A: B: It increases It fluctuates C: D:

A. It increases

All of the following countries have Free Enterprise Systems EXCEPT North Korea B: USA C: Mexico D: Panama

A. North Korea

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