Econ Midterm 2025 Review

At its core, economics is about studying __________.

The C in the equation C + I + G + (X-M) represents

The next best alternative that is given up when making a choice is known as the ________.

The average increase of prices from year to year is known as

Adam Smith called the actions of self-interested individuals leading to positive social and economic outcomes the ______

Consumer behavior is represented by the ____________ Curve.

The four factors of production are Land, Labor, Capital, and _____________

Scarcity means all resources are ___________.

The Production Possibilities Frontier (PPF) measures...

The circular flow model displays how money moves between businesses and _____________.

Price change is represented by ____________ the demand curve.

When will there be a shortage?

In this type of economy, production is determined by tradition, ritual, or custom.

The law of supply states that when prices increase, supply will ____________

What are the three questions all economic systems must answer?

The equation to calculate GDP is...

Which economic goal is evenly distributing the wealth of a nation to make sure it is fairly allocating resources?

What type of economic system best describes the USA's?