Ch. 13 Study Guide

Ch. 13 Study Guide
1. What are examples of people’s basic wants?_________________________________
2. What are the 3 basic factors of production?____________________________________
3. To produce goods & services, land, labor, & capital combine in a
4. In all economies people do what?_______________________
5. Give an example of scarcity?____________________________
6. What’s the 1st major decision in an economy?_____________________________
7. What’s the 2nd major decision in an economy?_____________________________
8. What’s the 3rd major decision in an economy?_____________________________
9. What influences how a society makes the 3 basic economic
10. In this country who makes the 1st decision?____________________________
11. How has technology affected the economy of the U.S.?__________________________
12. What might a society that values freedom allow its citizens to do?______________________
13. What is an economic decision that a farmer may make?_____________________________
14. Hunters probably hunt the same game by the same methods in this type of
15. The government usually owns important parts of the economy in this type of
16. Private individuals own the factors of production in this type of
17. In today’s world, most countries have which type of economy?__________________________
18. Competition and profit-seeking play a large role in which type of
19. Limited resources compared to people’s wants is known as what?_________________________
20. What is considered capital when used to produce goods and
21. Give an example of free enterprise?_____________________________
22. Give an important feature of capitalism?_____________________________
23. People who are looking for a profit may hope that what happens?_________________________
24. If someone decides that the cost of taking a job is greater than its benefits , the decision was
based on what?______________________________