Economics Unit 1

Economic system characterized by rigid (strict) gender roles and resistance to change.

The benefit or satisfaction someone receives from consuming a good or service.

Early economist, historian, and philosopher; considered the father of communism

Main disadvantage of this system is that it doesn't take care of the economically unproductive.

Most productive economic system; allows for most consumer choice

On the Production Possibilities Curve, points OUTSIDE the curve represent...

Which of the following is NOT an example of a scarce economic resource?

Term for when consumers choose the best combination of costs and benefits.

School of economics that focuses on evaluating data and making value judgements (subjective)

Equipment like forklifts and conveyor belts, along with the factory itself, are examples of...

The field of economics that studies the choices of individual consumers and businesses.

All the money a business brings in (before subtracting costs)

Businesses purchase productive resources like labor from households/individuals in the ________

Name for the various different resources businesses combine to make products.

Enforcing strict obedience to powerful government at the expense of personal freedom