FUNdamental Concepts

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

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

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

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

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

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

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

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

Which factor of production is the most important?

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

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

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

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

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

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

Who is this Adam Sandler character?

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

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

Which of the following are the four factors of production?