CBA4 Review 1

Which factor of production consists of man-made goods used to produce goods and services?

The measure of the amount of goods and services produced within a specific amount of time is

In what way does the government NOT affect the circular flow model

In which market are the factors of production bought and sold?

According to the Law of Increasing costs, using the factors of production to make one product:

Which of the following is temporary?

Expectations that encourage people to behave in a certain way are

Which factor of production consists of any human effort that goes into making things?

_____ believed government should play a small role in the economy; believed in laissez faire.

Which type of capital involves what you know?

What effect do innovations and new technologies have on the cost of production?

A range of economic systems based on the belief that wealth should be evenly distributed is

Which of the following is NOT a basic characteristic of the U.S. Free Enterprise system?

A _____ is a basic requirement for survival, such as food, clothing, and shelter.

Which of the following is NOT an economic system?

The outer ring of the circular flow model shows the flow of

Which economic system tends to not produce enough public goods such as defense or health care?

Which country has a communist (command) economy?

_____ is limited amounts of goods and services available to meet unlimited wants.

Which of the following are economic goals of the United States?

The study of how people seek to satisfy their needs and wants by making choices is:

Increased world-wide demand for goods has increased the demand for labor and caused an

_____ supported use of government spending and taxing to stimulate or constrict the economy.

A ____ is a person who combines the factors of production to create a new or different product.

Which economic system discourages new ideas and new ways of doing things?

Which of the following is NOT one of the three key economic questions?

The idea that people have the right to own and control their possessions as they wish is:

Who owns the factors of production in a free market / capitalist economy?

What structure connects individuals and businesses?

The struggle among producers for consumers' business is

Which factor of production consists of all natural resources?

A diagram showing the exchanges that take place in a free market economy is the

Which of the following is NOT a benefit of the U.S. Free Enterprise system?

_____ is the next best alternative use of money, time, or resources.

A political system where the government owns all resources and makes all economic decisions is

A _____ is a graph showing the alternative ways to use an economy's productive resources.