Unit 1: Intro to Economics

A cellphone is used to help a salesman conduct business, this is -

Government control of the factors of production best fits with -

North Korea, Cuba, and the Soviet Union have what in common.

The product market is -

How goods and services are distributed in an economy is referred to as?

What allows economies to become more efficient?

Each society must answer three basic economic questions because -

How do countries visualize various ways to allocate resources?

The value of the next best and most desirable alternative to a decision is known as -

The free-market generates economic growth because?

Low prices, many choices, and high quality goods result from?

Which of the following would not result in a leftward shift of the PPC?

China has gone to war with Taiwan, as a result, the release of the iPhone X is delayed, this is

Which factor payment best fits with a waitress?

The money received from supplying a factor of production is known as -

Traditional economies have all the following characteristics, except?

Which of the following is not a factor of production?

A country elects to produce hammers instead of screwdrivers. The screwdrivers illustrate?

The opportunity cost of moving from point E to D is?

Which of the following splits decision making evenly between government and individuals?

In a market economy, the government's role is best described as?

Private property, profit motive, and specialization best fit with

When the F.O.P. are mostly owned and controlled by individuals, you most likely live in a -

Adam Smith coined what phrase to represent self-interest and competition?

In the factor market, who is the buyer? Who is the seller?