Fundamental Economic Concepts

The basic problem that is faced by all countries and all people is known as __________.

Which economic system is stable and predictable?

Which of the following is a human capital resource a person could use in starting Zaxby's?

Sam works as an accountant at Chick-fil-A. Which of the following describes his role?

According to the diagram, what do households have that businesses need?

In a socialist economy the ____________ answer(s) the three basic questions.

In which type of economic system does the government answer all economic questions?

When a society invests in education, it improves its _________________.

A teenager named Rosa started a pet walking business. She represents which productive resource?

Households represent......

Which point represents an inefficient use of resources?

Pablo starts a taxi cab business. The cabs represent which productive resource?

Businesses and consumers can't survive without one another. This is known as ....

According to the diagram, what two things do businesses have that households need?

What are the three basic economic questions?

In a capitalist economy the ___________ answer(s) the basic economic questions.

What is the opportunity cost of moving from point C to B?

You decide to spend $20 on a football ticket instead of a $20 shirt. The opportunity cost is...

In which economic system are there no public goods or services (education, military, etc.)?

Which sentence BEST describes scarcity?