1. Chapter 3.1 Quiz Review

2. In economic terms, land, labor, capital and entrepreneurship are called Factors of Production

3. The organized way a nation provides for the needs and wants of its people Economy

4. Coal, crude oil, trees and plants, a county’s climate and geography are which factor of production? Land

5. People who work full and part time in the private and public sector are examples of what factor of production Labor

6. Money, buildings, equipment, tools and goods used in the production process are what factors of production Capital

7. The skills of the people who invest their time and money to run a business are what factor of production? Entrepreneurship

8. Highways, air/water ports, utilities (water, electricity, sewer), communication (phone) Infrastructure

9. Difference between needs and wants and available resources Scarcity

10. Businesses decided how products will be produced in this economy Market Economy

11. Government decides what products to produce in this economy Command Economy

12. Consumers decide if a business will survive in this economy Market Economy

13. Forces a nation to make economic choices about how to use its resources Scarcity

14. In a choice between 2 or more options, this is the benefit that COULD have been received for the choice that was not selected (value of the foregone alternative) Opportunity Cost

15. All the alternatives in making a decision are called Trade-offs

16. Type of economy where the government answers all questions of what to produce, how to produce it and who will receive the product Command

17. Type of economy where the consumer decides what to produce, business decides how to produce goods, and people with money can purchase goods Market Economy

18. Political/social/economic philosophy where the government owns key industries, medical care and education are free or low cost and businesses and individuals pay higher taxes to pay for services Socialism

19. Political/social/economic philosophy where property is owned by the community as a whole rather than by individuals. Strives for a classless society Communism

20. Political/social/economic philosophy that would best describe the United States and Japan. Profit the motive for productivity. Capitalism