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(Factors of production) Question 1 What do you call the resources needed to produce goods and services (Factors of production)

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Question 5 This economic system is based on the private ownership of resources and on individual freedom. (Capitalism)

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Question 8 This is the idea that as prices increase the amount producers sell increases. (Law of Supply)

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Question 15 This is an economic system under which no private property exists and where people work for the common good. (Communism)

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Question 21 This word means a rivalry of sellers so that no one producer can control the market. (Competition)

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Question 28 What is the choice given up in a trade-off called? (Opportunity Cost)

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Question 32 Which type of economic system is also called a market economy? (Capitalism)

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