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Ch. 1 Test Review

QuestionAnswer
What are two economic benefits generated by businesses in an economy? Business and Employment
What economic system does the government control all factors of production? Command
What vocab word means something that a person desires, but can survive without? Want
What do people earn by working at a job? Wages
What is an example of a type of utility? Time
When you commute for work in order to make more money it's an example of what? Trade-off
What do you put at the end of your assignment name? Period number
What is the main reason a business operates? Profits
What is a factor of production a nation uses to make goods and supply service for it's population? Labor
What class do you click on to get into your assignments? PrinBMF
What vocab word means when demand is higher than the available resources? Scarcity
What state has the highest standard of living? Washington
Created by: bwilber
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