1. What are 4 factors of production?1. What are 4 factors of production?

2. A human resource falls under which factor 2. A human resource falls under which factor of production?of production?

3. Money, machinery, and equipment fall 3. Money, machinery, and equipment fall under which factor of production?under which factor of production?

4. Natural resources and property are which 4. Natural resources and property are which factor of production?factor of production?

5. The risk taker of a business involves which 5. The risk taker of a business involves which factor of production?factor of production?

6. Ultimately, it is consumer demand that will 6. Ultimately, it is consumer demand that will determine what is produced in this economy determine what is produced in this economy (economic system)?(economic system)?

7. What two things happen in a market?7. What two things happen in a market?

8. This is a market system with government 8. This is a market system with government regulation.regulation.

9. Name the four economic systems.9. Name the four economic systems.

10. Which economic system is controlled by 10. Which economic system is controlled by the government?the government?

***Name the only country in the western ***Name the only country in the western hemisphere that has a command economy.hemisphere that has a command economy.

11. Which economic system do citizens 11. Which economic system do citizens answer the 4 economic questions answer the 4 economic questions (everything is privately owned)?(everything is privately owned)?

12. In which economic system are questions 12. In which economic system are questions answered based on custom ( the way things have answered based on custom ( the way things have

always been done)?always been done)?

13. Is the following a good or service?13. Is the following a good or service?

a. Gum?a. Gum?

b. Fitness center?b. Fitness center?

c. House?c. House?

d. Cafeteria pizza?d. Cafeteria pizza?

e. Waiter/waitress?e. Waiter/waitress?

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

15. Is the following a need or want?15. Is the following a need or want?

a. Water?a. Water?

b. Cell phone?b. Cell phone?

c. Necklace?c. Necklace?

d. Shelter?d. Shelter?

e. Car?e. Car?

16. What is the term for a lack of resources?16. What is the term for a lack of resources?

17. What are the 4 economic questions?17. What are the 4 economic questions?

18. Where do most entrepreneurs receive 18. Where do most entrepreneurs receive money to start their first businesses?money to start their first businesses?

19. What is the study of how a society uses its 19. What is the study of how a society uses its resources to obtain its wants and needs?resources to obtain its wants and needs?

20. What is the term used for the economic 20. What is the term used for the economic cost of making one choice over another?cost of making one choice over another?

21. What is the probable opportunity cost of 21. What is the probable opportunity cost of volunteering on the weekend?volunteering on the weekend?

22. Exchanging money for a soda is called 22. Exchanging money for a soda is called what?what?

23. A credit union is a business controlled by 23. A credit union is a business controlled by members. What kind of business is this?members. What kind of business is this?

24. What is used to measure the daily activity 24. What is used to measure the daily activity of the stock market (NYSE)?of the stock market (NYSE)?

26. What type of business would offer to sell 26. What type of business would offer to sell ownership (shares) on the stock market?ownership (shares) on the stock market?

27. A business owned by one person, this is 27. A business owned by one person, this is the most common form of business in the the most common form of business in the US.US.

28.In a bear market, are investors doing more 28.In a bear market, are investors doing more buying or selling?buying or selling?

29. What is the primary advantage of having a 29. What is the primary advantage of having a partnership?partnership?

30. In a capitalist society, in order for prices to 30. In a capitalist society, in order for prices to remain low, it is necessary that we have remain low, it is necessary that we have what?what?