HICH Quiz - Economics ( Pt.1 )

What is the financial gain made in transactions?

Scarcity

Wage

Profit

Resource

What is an economic or productive factor required to accomplish an activity?

Resource

Wage

Specialization

Traditional System

What is the economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services?

Capitalism

Barter System

Socialism

Traditional System