Econ Unit I

What problem faces all economic systems?

Why is market competition important in a free enterprise system?

What type of economic system best describes the United States economy?

Which of the following isn't a pillar of free enterprise?

What happens to price when the supply of a product increases greatly?

Which of the following best demonstrates entrepreneurship?

An economic system where the government controls some resources, like education or health care:

Which of the following is an example of a capital resource?

GDP is used to measure what part of an economy?

Economic system where private individuals own all resources

What happens to prices when people want to buy a lot more of a product?

A problem facing command economies is:

You want to buy hat or a shirt with $20 . If you buy the hat, what is your opportunity cost?

Who or what sets prices in free market economy?

Which of the following is not one of the economic questions every system must answer?

Why is private property important in a free market system?

Which of the following is an example of a human resource?

Human wants are

An economic system where the government owns all resources is known as

You use a $20 bill to buy Mr. Delaney a gift. The bill is an example of a

China' s economy would best be described as a

Which of the following is an example of a natural resource?