Fundamental Concepts

In which economic system does both the government and people answer the economic questions?

Which would be an example  of redistributing income?

Which basic economic problem does the United States share with all other nations?

Which of the following is an example of an investment in human capital?

When governments tax polluting companies and offer loans for education, they serve which role?

What does it mean to have specialization?

What is used to determine opportunity cost given the amount of resources?

Which of the following lists the four factors of production?

In which economic system does the government answer all 3 economic questions?

What is opportunity cost?

Imagine you spend $35 on a soccer ball.  What is your opportunity cost of your decision?

Which economic system does the firms and businesses answer all economic questions?

What occurs when marginal benefits of an action equal or exceed the marginal costs?

What are three basic economic questions?

Division of labor is a characteristic of_____________.