FUNdamental Concepts

How would the Circular Flow Model change for a command system?

In the circular flow model, do households demand or supply?

Who is this Adam Sandler character?

The most desirable alternative given up when making a choice is known as what?

Limited resources leads to limited products. What does this statement describe?

North Korea and Cuba are close examples of what type of economic system?

Which of the following does a Production Possibilities Curve NOT show?

Which of the following is an opportunity cost of a traditional economy?

Capitalism (USA) and Socialism (Sweden) are types of what economic system?

What does the phrase "no such thing as a free lunch" mean?

When a country is experiencing high unemployment, what is the point on the PPC graph called?

Something that motivates you to perform an action is known as an

"The invisible hand" plays a huge role in this economic system based on self-interest and profit motive

This economic system contains clearly defined roles based off ancestors production.

Which of the following are the four factors of production?

What shows interactions of households and businesses in a free market economy?

Increased Trade, increased resources and what will shift the PPC to the right?

Which factor of production is the most important?

Free Market systems are based off of what type of ownership?