Unit 1 Econ

Are all tradeoffs also opportunity costs?

The resources needed to produce goods and services are

Scarcity is a problem for

The circular flow model shows the relationship between

Which of the following countries heavily favors a market-based mixed economy?

An economic system where decisions are made by consumers and producers with some gov't rules

Why are entrepreneurs important?

The circular flow model describes the flow of

What might cause the ppf to contract?

System in which the use of resources is determined by individuals is called

What might be a downfall to a command system?

In the circular flow model, when you spend a dollar, it

Oil, trucks, and paper represent

What might some consider a downfall to a market based system

Which is an entrepreneur?

When you decide how much more or less to do you are

What could be a cause for underutilization ?

A nail and a hammer are considered

Which of the following is NOT a factor of production

The factors that together comprise the "invisible hand"

profit = price -

Profit =

a production possibilities curve shows

One of the three economic questions is

Are all opportunity costs also tradeoffs?

The purpose of a ppc is to

What could cause the ppf to expand?

a tool used to help individuals, businesses, and governments make decisions

Many third world countries have what type of economic system?

The goal in the circular flow activity was to

What could be a downfall to a totally free market (laissez faire)?

Specialization leads to

Which would make you a specialized worker?

An economy where the government tells you what to produce

Economists consider this the fourth factor of production and the most important FOP

The most desirable alternative given up as a result of a decision is known as the

command economies are sometimes called

DVD's, iPhones, and Netflix are considered

What might be a benefit to a command system?

North Korea has what kind of economy?

The name given for when wants are greater than resources available

In economic terms, a drought that kills a lot of crops could represent

Is there a cost to even free things?