Econ Decision Making, and Econ Systems

An economic system in which buyer and sellers make decisions and government has no say

An economic system in which buyer and sellers make most decisions and government has some say

Which economic goal is based around maximizing use of the society's resources?

A dentist, doctor, teacher, and waitress are examples of...

Which economic goal is focused on the fair and just distribution of resources?

Which economic goal seeks to provide members of society with their basic needs(Food & Shelter)?

Term: A type of good used to manufacture other goods or transport them.

_____- Measures opportunity cost; represents economy's ability to produce two goods efficiently

An economic system in which you are born into your job and barter is a common form of trade

Which of the following is not one of the Factors of Production.

________-the way a society coordinates the consumption of goods and services.

Water, oil, and cows are examples of which factor of production?

Term: Activities provided for a fee to satisfy someone's needs & wants

Individual who's ideas of using the factors of production together to create goods and services

Which econ. goal insures that the goods and services we depend on are available when needed?

A printer is used to help you produce comic books. The printer is an example of a

Term: All the alternatives available to you in the decision making process

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

Which economic goal states the desire to make decisions without the interference of government?

An economic system in which government has ALL say and citizens do not own any private property

Which of the following is a type of good bought to satisfy personal needs and wants?

_____ is a term that refers to the limitedness of a resource and forces trade off.

Which economic goal leads to improved standards of living over time?

Term: Anything used in producing an economic good or service

Term: The next best alternative given up when making a choice