Economics Basics

Karl Marx was a proponent (supporter) of

Before one can achieve self-actualization, lower needs must be met first

An economy system in which the government controls most, if not all, of the economic decisions

When economic resources are not being used to their full potential

the economic term that states at certain point, adding more resources will decrease production

Which of the following is not one of the basic economic questions?

Factor of production dealing with the resources found on the earth

Factor of production concerning the ability to combine the other factors to create goods and services

Factor of production concerning with the skills and knowledge gained by a worker through education and experience

The problem of economics is

The USA has this type of economic system

Adam Smith was a proponent (supporter) of

the division of labor consisted of trade-skill careers such as plumbing, construction, etc.