JA Finance and Economics Chapter 13
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is the first major decision made in an economy? | What to produce
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| What is the second major decision made in an economy? | How to produce it
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| What is the third major decision made in an economy? | Who will get the goods and services produced
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| The government usually owns the economy in a | Command Economy
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| The people usually make the economic decisions ina | Market Economy
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| Economic decisions are based on long standing decisions in a | Traditional Economy
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| The highest valued benefit given up when a choice is made is called | Opportunity Cost
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| In today's world, most countries have a... | Mixed Economy
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| When a country cannot grow enough food to meet demand this is an example of? | Scarcity
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| Three basic factors of production are? | Land, labor, and capital
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| Financial trust extended to another person is called | credit
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| One disadvantage of using credit is that it encourages | impulse spending
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| When you use a credit card you buy now... | pay later
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| Three variables that affect saving money are | amount, time, and interest
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| The resources people have for satisfying their wants are called | Factors of Production
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| Anything produced in an economy that is used to produce good and services is called | Capital
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| The act of buying goods or services is called | consumption
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