Econ Decision Making/Econ Systems

How does a mixed economy answer the three basic economic questions?

What is the name of the test product that producers first develop?

which economic systems commonly uses subsistence agriculture?

True or False: All allocation methods are equally fair. 

True or False: Traditional economies often have a low standard of living. 

True or False: Communism and socialism are the same thing. 

targeting adults between 35-50 years old is deciding which economic question?

How does a market economy answer the three basic economic questions?

After individuals receive income from a factor market, they spend it in _____________.

natural resources

Things that are necessary for survival 

How does a command economy answer the three basic economic questions?

Buying machines for your business is deciding which economic question?

The decision making model 

True or False: A TV is an example of a durable good. 

The people who make or sell products 

How does a traditional economy answer the three basic economic questions?

Where buyers and sellers come together

The next best choice when making a decision

helps increase productivity by dividing up the tasks

You can hold it or touch it

a person who buys or uses products 

What are the four basic economic systems?

Which economic system relies on supply and demand?

What is the most common economic system?

Intangible commodities  

Also known as labor

helps increase motivation

True or False: Diamonds are scarce.

Which economic system features government control?

where factors of production are bought and sold

What do economists mean by "there is no such thing as free lunch"

What occurs when resources such as labor and capital are combined?

scarcity is defined as ___________ resources in a world of unlimited wants

Which of the following is an example of a positive incentive?

producers and consumers decide what three basic economic questions?

Also means to distribute 

tangible products

a person who creates their own business 

command economies often use __________ to influence citizens 

Lasts 3 years or longer when used regularly 

All other possible choices when making a decision

lasts less than 3 years when used regularly 

Trade without money, commonly used in traditional economies 

What are the factors of production?

Which is an example of a negative incentive?

How do command economies often allocate resources such as food?

intangible acts that benefit another

The social science of with how people satisfy seemingly unlimited wants with scarce resources

tools used to produce a good or service 

What does PACED stand for?

Which is a possible allocation method?

True or False: Economists often say, "there is no such thing as free lunch."

The diagram that shows the connections between different sectors of the economy

Choosing to make computers instead of books is deciding which economic question?