1. 1. What are 4 factors of production? 2. A human resource falls under which factor of production?

2. 3. Money, machinery, and equipment fall under which factor of production? 4. Natural resources and property are which factor of production?

3. 5. The risk taker of a business involves which factor of production? 6. Ultimately, it is consumer demand that will determine what is produced in this economy (economic system)?

4. 7. What two things happen in a market? 8. This is a market system with government regulation.

5. 9. Name the four economic systems. 10. Which economic system is controlled by the government?

6. ***Name the only country in the western hemisphere that has a command economy. 11. Which economic system do citizens answer the 4 economic questions (everything is privately owned)?

7. 12. In which economic system are questions answered based on custom ( the way things have always been done)?

8. 13. Is the following a good or service? a. Gum? b. Fitness center? c. House? d. Cafeteria pizza? e. Waiter/waitress?

9. 14. According to your notes, name three basic needs.

10. 15. Is the following a need or want? a. Water? b. Cell phone? c. Necklace? d. Shelter? e. Car?

11. 16. What is the term for a lack of resources? 17. What are the 4 economic questions?

12. 18. Where do most entrepreneurs receive money to start their first businesses? 19. What is the study of how a society uses its resources to obtain its wants and needs?

13. 20. What is the term used for the economic cost of making one choice over another? 21. What is the probable opportunity cost of volunteering on the weekend?

14. 22. Exchanging money for a soda is called what? 23. A credit union is a business controlled by members. What kind of business is this? 24. What is used to measure the daily activity of the stock market (NYSE)?

15. 26. What type of business would offer to sell ownership (shares) on the stock market? 27. A business owned by one person, this is the most common form of business in the US. 28.In a bear market, are investors doing more buying or selling?

16. 29. What is the primary advantage of having a partnership? 30. In a capitalist society, in order for prices to remain low, it is necessary that we have what?