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

4. C. Industry

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

6. A. Free Enterprise System

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

8. B. Scarcity

9. A:B: ExportsServices Items that we buy in America Stores that were made in China are examples of… C:D: ProductionImports

10. D. Imports

11. A:B: CapitalismFree Enterprise What type of economy is found in North Korea and Cuba? C:D: TraditionalCommunist

12. D. Communist

13. A:B: Traditional Economy Communism Free Enterprise is an example of which economic system? C:D: SocialismCapitalism

14. D. Capitalism

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

16. A. To make a profit.

17. A:B: CoalFactories Using the Factors of Production, all of these would be examples of “Capital” EXCEPT C:D: TrucksFurnaces

18. A. Coal (Natural Resource)

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

20. D. Economic Systems

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

22. B. Work hard and make profits.

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

24. C. Command Economy

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

26. B. Traditional Economy

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

28. C. Capitalism, Communism

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

30. A. It increases

31. A:B: North KoreaUSA All of the following countries have Free Enterprise Systems EXCEPT C:D: MexicoPanama

32. A. North Korea

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