Economics Unit 1 Review

What would happen to a PPF if a country doesn't invest in new road and infrastructure?

Scarcity affects

Who makes the decisions in a market economy?

Why would government officials resist the change from a command to a mixed economy?

What kind of economy offers equal wages regardless of individual productivity?

What is a disadvantage of a command economy?

What is a disadvantage of a market economy?

Who makes all the economic decisions in a command economy?

Societies are faced with three economic questions

What would happen to the PPF of a country producing pizza and robots if they found a new iron deposit?

When two countries are trading, the country that can produce more of something has a

One characteristic of a capitalist free enterprise economy is________

Economics is best defined as the study of how people

Which is an advantage of a traditional economy?

What protects consumers against harm from products on the market?

Consumers can influence the production of goods by

Human capital is

Most economies today are

The loss of your highest valued alternative is the concept of

Which statement describes the communist ideal?

The most basic economic problem is

Which economic goal is, "being able to make decisions about what to buy and sell?"

A country with a gini ratio of .15 has an income distribution that is

When two countries are trading, the country who can produce more cheaply has a

Protection from layoffs, illnesses, injuries, or disability falls under the goal of _____________.