ECON Unit 1 Economic Systems Review

The study of scarcity and choice

The most desirable alternative given up as the result of a decision

A person who starts up and takes on the risk of a business

What is necessary to ensure increased standards of living?

Which economic system most values the goal of freedom?

The cost added by producing one additional unit of a product or service.

A role of government in the United States economy is to

Most economic systems exist on a continuum between

Each of these is a principle of free enterprise except

The business cycle is best described as 

The principle that people may decide what, when, and how they want to buy and sell

An economic system in which the government controls a country's economy

The development of skills in a specific kind of work; division of labor

Which describes human capital?

The line on a production possibilities graph that shows the maximum possible output

Which is not one of the three key economic questions?

The limited nature of society's resources

Land, labor, and capital; the three groups of resources that are used to make all goods and services

Desires that can be satisfied by consuming a good or service

All things are scarce except for our wants and needs.