Matching Match the Term with Its Definition. (5 Points Each)

Name: ______

Introduction to Business & Marketing Economics Study Guide (50 points)

MATCHING – Match the term with its definition. (5 points each)

Letter Term Definition 1. Economy A. All things used to produce goods and services

2. Traditional Economy B. All of the people that work in the economy

3. Resources C. Ability to start or own your own business

4. Factors of Production D. Government (usually a dictator) runs everything and the people have no input at all

5. Land E. Allocation of resources is based on habit or customs (religious practices, cultural beliefs & ideals)

6. Labor F. Government plays a limited role in the economic decisions; the people make the decisions

7. Capital G. Organized way a nation provides for the needs and wants of its people

8. Entrepreneurship H. Items required for production such as buildings, machinery, and tools

9. Command Economy I. everything on the Earth that is in its natural state

10.Market Economy J. Technical term for resources