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Content: Pure competition
Which of the following is a factor of production for a firm? Natural resources
Which of the following is considered a command economy? Communism
In which of the following economic systems do most people work for government-owned industries or farms? Communist
_____ relates to the number of goods and services that consumers are willing to buy at different prices at a specific time. Demand
When a business fails or does not make a profit, _____ have the most to lose in terms of finances. owners
Which of the following statements describes the force that drives the distribution of resources (goods and services, labor, and money) in a free-enterprise economy? Prices for goods and services vary according to the changes in supply and demand. Which of the following statements is true about communism? It is characterized by the government owning and operating most businesses. Which of the following is true of a free market system?