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Fundamentals of Economics
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What is used in economics to illustrate economic growth?
production possibilities curve
Investments in human capital lead to a higher...
standard of living
What economic system focuses on the goal of security?
mixed
What economic system focuses on the goal of freedom?
Market
What economic system focuses on the goal of equity?
Command
When you make a decision, you give up the next best alternative. What is this called?
opportunity cost
Name one way of allocating resources
price, lottery, contest, force, first-come-first-serve, majority rule, sharing, authority, personal characteristics
A permanent condition that exists because unlimited wants exceed limited resources.
scarcity
Name the four factors of production
Land (natural resources), labor, capital, and entrepreneurship
A chef, policeman, and waitress are examples of _________ resources.
human
Equipment, buildings, and tools used to produce a good are called ______ resources.
capital
What combines natural resources, labor, and capital to produce a good or service?
entrepreneur
Things that people desire but are not necessary for their survival
wants
What is used to make a good or service?
resource
What is a need?
Anything we need to survive
What is the main reason that determines our economic choices?
scarcity
The study of economics mainly focuses on
choices
Individuals have little choice in the work they do in this economic system.
Command
Consumers may buy or not buy goods and services in this economic system
Market or mixed
Workers can bargain for higher wages in this economic system.
Market or mixed
Individuals may decide what kind of work they do in this economic system.
Market or mixed
Land, tools and factories are privately owned in this economic system.
Market or mixed
Large numbers of people are involved in decision-making in this economic system.
Market or Mixed
People are encouraged to create new ideas and businesses in this economic system.
Market or Mixed
Buyers and sellers make economic decisions in this economic system.
Market or Mixed
This economic system provides Social Security and Medicare to its citizens.
Mixed
An economic system that does not guarantee everyone a job or even their basic needs to be met.
Command
An economic system that is fully controlled by the government.
Command
An economic system that has free enterprise but is regulated by the government.
Mixed
An economic system that allow businesses to make all decisions without government interference.
Market
An economic system that follows what was done in the past.
Traditional
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