Luke - Unit 1 Test Review

Claire has a $20 bill & some coins that fit in her purse. This is the characteristic of money known as ______________.

The three major 'players' in a mixed economic system are the ___________ .

What political ideology theorized by Karl Marx is misused as the foundation of a planned/command economic system?

What role is the U.S. Gov't fulfilling when it establishes social welfare programs such as Social Security & Medicare?

What is the opportunity cost of choosing to wake up early to study for a test rather than stay in bed and sleep?

______________ rely on habit, custom, or ritual to decide the answers to the three basic questions.

Within the circular flow model exists two markets. These markets are the

What type of economic system do most economies around the world resemble today?

Which choice is NOT a characteristic of a capitalistic/free enterprise economy?

Due to the fact that everyone faces scarcity, we all must...

Which term below is a metaphor for how a market is driven by the self-interest of both firms and individuals?

__________ is the ideal that the government generally should NOT interfere in the economy.

Ally uses her income from her job to pay for utilities like water and electricity in the ____________ market.

Households/individuals provide ______________ in the factor/resource market.

Bill lives in Texas & travels to Iowa using the same currency. This is the characteristic of $ that's ______________.

On the circular flow diagram, what entities pay tax dollars to the government?

What is the basic problem of any economy around the world?

Peter works as an accountant selling his labor & entrepreneurship in the ____________ market in exchange for a salary.

What is the definition of opportunity cost?

With transitioning, the rulers in a planned/command economy fear _________ when transitioning to free market/capitalism.

The Environmental Protection Agency enforces environmental laws and is an example of our gov't fulfilling what role?

A Production Possibilities Curve displays all of the following except...

Jenny uses her debit card at HEB. HEB accepts this payment. This is the function of money known as ______________.

Which option below is NOT one of the roles of government in a free market economic system?

The three basic questions every economy must answer based on its available resources are?

A plot point inside the production curve on a PPC Graph represents what?

In __________, the government makes all decisions about how to answer the three basic questions.