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

3. C.
Industry

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

5. Free Enterprise System

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

7. B.
Scarcity

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

9. D.
Imports

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

11. D.
Communist

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

13. D.
Capitalism

14. 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:

15. A.
To make a profit.

16. 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

17. A.
Coal
(Natural Resource)

18. 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:

19. D. Economic Systems

20. 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:

21. B. Work hard and make profits.

22. 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:

23. C.
Command Economy

24. 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

25. B. Traditional Economy

26. _______ 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:

27. C.
Capitalism,
Communism

28. 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:

29. A.
It increases

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

31. A.
North Korea

32. Great Job!!!!
Thank you for playing!