Business & Entrepreneurship Final Exam Review

Which of the following economies are usually found in rural, under-developed countries?

What economy is characterized by being a combination of a market and a command economy?

Economic activities that are controlled by the government are considered what type of economy?

How individuals seek to satisfy needs and wants through choices and allocation of resources?

Land, air, water are examples of what type of resource?

Technology, buildings, equipment is considered to be kind of resource?

Recognizing the need for new goods or services is considered what type of resource?

Using a person's skills and knowledge to get needs and wants is what kind of resource?

Advantage of command economy?

What is a disadvantage in a Traditional economy?