H. Econ Unit 1 Review

Factor payments for land are called:

The economic system in which the primary incentive is private gains and losses from voluntary exchange.

Whenever the the scarcity of money or time forces you to make a choice, you face

Which of the following is a macroeconomic topic?

The circular flow matrix tracks the flow of ____________ in exchange for ____________ in a market economy.

Entrepreneurs do all of the following EXCEPT

In the factor market households demand and firms supply.

In the product market households demand and the firms supply

Which point on the graph shows efficiency?

Which of the following is an economic goal that traditional economies do well at achieving?

Which of the following should NOT be considered when making an eocnomic decision?

________ is a measure of the wealth of goods and services available to help people in the country live comfortably.

A _______ consists of an individual or group of people wo live together an share income.

Factor payments for labor are called:

The cost of going to college would be: 1. tuition 2. books 3. housing 4. forgone income.

The product market is where resources are traded for factor payments.

Expenditures for which the government recieves no good, service or resource in return is

What factor makes an economy efficient?

Increase in technology causes a PPF to curve inward or to the left.

The study of the world and why it works the way it does is?

A natural disaster can cause a shift in a PPF.