Unit 1 Economics Basics

Cuba and China have this type of economic system where everything is owned by the government

The condition resulting from unlimited wants with limited resources available

Economic system where buyers and sellers interact to determine who gets what

His book, The Wealth of Nations, defined market economics for the first time 

Which # represents the monetary flow from a consumer buying an item from a firm?

The study of how people distribute scarce resources

The price of money, the charge for using someone else's capital

What does point C represent in this PPF curve?

Which # represents a firm receiving labor from an individual?

Economic system which has strong controls on the economy but also private property

Economy system where the government makes important decisions regarding the economy

French term for the philosophy that says the government should stay out of the economy

What could cause this kind of shift in the PPF curve?

The person who assembles the factors of production in hopes of earning a profit

An economic system where the government charges very high taxes and provides many services

The right to buy and sell property free of government control

In a market economy these serve to ration scarce resources and motivate production

When one buyer or seller tries to outdo another

The physical and mental effort required to produce goods and services

That which if given up when purchasing something else

Type of economy where things are done the way they have always been done

Items created by nature that are used to create goods and services

What could cause a shift from point D to point B on the PPF curve?

The right to own and use things of value