Economics Final

Which of these is NOT a way we deal with Scarcity?

Capitalism flourishes here in this economic system.

A lawnmower is an example of...

Which factor of production would you consider a cow?

The goods used in the production process such as factories, machinery and equipment.

When you choose between two possible uses for a resource, giving up an alternative for another.

Which of these persons is an Entrepreneur?

North Korea has a dictator who makes all of the economic decisions. What is this?

When there is a shortage the price will usually?

The four types of economic systems are:

What is a need?

An economic system in which economic decisions are made according to social roles & culture.

Which one of these is NOT a cause of scarcity?

The ______is a table that shows the relationship between price of a good and quantity supplied.

What are these? Land, labor, capital, and entrepreneurship.

Your friend and you decide to open a snow cone stand. The snow cone machine is an example of...

Which of these is increasing physical capital?

What is an economic system where government and people decide how to use scarce resources?

The study of resources such as money, materials, and labor

Bushmen of the Kalahari Desert the people follow the examples of their ancestors. What is this?

The Law of Supply states:

The definition of Scarcity is..

Quantity supplied is...

Which of these is NOT an example of a need?

What is a want?

Everything contained in the earth or found in the sea ex: coal and crude oil..

What are the 3 economic questions?

"The ultimate decision should be the most_____________, profitable outcome"

Goods which can be used in place of one another

What is an economic system where only the government makes the economic decisions?

"When decisions are made, people are always confronted with ________________".

A command economy is when the government is in control.

When the price of a good or service is high consumer demand will usually be...

Which of these is Human Capital?