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Test 1 Review
getting a degree is what kind of capital
Which factor of production is an orange tree
Test 1 Review
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1
Which factor of production is an orange tree
labor
land
physical capital
human capital
2
getting a degree is what kind of capital
human
physical
3
inefficiency is labeled ___________ the PPC
outside
on
no where
inside
4
If a group can go after your personal assets as well as your professional assets you have
unlimited liability
limited liability
5
Limited quantities of resources to meet unlimited needs or desires
free enterprise
scarcity
laissez faire
invisible hand
6
economy where government makes all of the decisions
mixed
traditional
command
free market
7
the most desired thing that is lost when making a decision
scarcity
opportunity cost
factors of production
free market
8
What is the most popular form of business in the US?
sole proprietorship
general partnerships
corporations
limited partnerships
9
economy that relies on customs
command
traditional
free market
mixed
10
circular flow model shows the relationship between who?
firms and households
governments and other countries
firms and government
government and households
11
term economists use to describe the self-regulating nature of a market place
goods
services
trade-offs
laissez faire
12
economics is the study of how people
gain knowledge and skills from study and experience
calculating their income tax
respond to war and drought
choose from limited resources to meet their needs
