Economics Chapter 1

Economic Freedom allows you to choose your:

What are the four factors of production?

Economic system where decisions are made by consumers

You decide to sleep in & drive to school instead of getting up early to ride the bus. What's the opportunity cost?

What is Economic Equity?

What is the economic definition of economic growth

What is Economic Efficiency?

Why are most economies mixed?

One seller may try to offer a better product. Another seller may offer a lower price. They are _____ for consumers.

why is it important to achieve economic growth.

As a factor of production, capital is the tangible products made by labor.

Inflation means that:

Why is there no such thing as a free lunch?

The profit motive pushes producers to___.

opportunity cost

Define profit motive

Economic decisions are made by individuals, businesses and government

Schools buying new schoolbuses is an example of...

Economic security

In a command economy, economic decisions are made by the

The rivalry between sellers to get more customers by lowering costs & better goods/services

If the fire department shows up to put out a fire, this is an example of

Which of the following is a nondurable good?

general rise in prices or goods over time

Price stability

Economists say there is no such thing as a free lunch because

A developer of a new smartphone is an example of which factor of production?

Which of the following is not a capital good?

Which of the following is an example of "land" as a factor of production?

You thought about skipping lunch, but decide to eat. What is the opportunity cost?

A factory is an example of which factor of production?

Which is an example of the government as a protector?

Which of the following is an examples of a durable good?

You decide to go home instead of going to sports practice. What is the opportunity cost?

The manager of a car repair shop is an example of which factor of production?

Good that individuals and households buy are