Unit 1: Fundamental Economic Concepts

What is an opportunity cost?

Another name for the market system is???

Which economic system emphasizes security, stability, equity, and public goods?

The potential rewards, such as profit, that are motivation to an individual are known as

Which of the following is not an example of a command economy?

This is the economic goal based on fairness...

Which of the following is NOT a reason the gov't would get involved in a mixed market economy?

Which of the following is the BEST example of the specialization of land?

The image below represents what economic system???

What is the main problem in economics???

What does point C represent on the production possibilities frontier?

Which economic system is characterized by decisions made by a central authority?

The image below represents

Which economic system encourages private ownership of resources and entrepreneurship?

The image below represents

A basic requirement for survival like food, shelter, water....?

When a society invests in education, it improves it standard of living by improving its

Both parties in a transaction believe they benefit under

The image below represents

The image below represents

A reason that the graph would be at point x is ???

If the benefits of going to college for Tim outweigh the costs then going to college is

Which of the following is NOT one of the basic economic questions all societies must answer?

Alternative choices are considered as???

A market economy is characterized by????