Duplicate of Unit 1 Review

What kind of economy is ran by both individuals and governments?

Which of the following is NOT a factor of production?

When a company splits up the production process.

Which of the following is an example of land?

What has a limited scope in a market economy?

Limited resources to satisfy unlimited economic wants?

What kind of economy has the government in control?

A graph that shows how many items can be produced at a time.

Which of the following is human capital?

What is productivity?

The next best option you gave up to get something.

What is a rational decision?

What kind of economy is ran by individuals?

What problem do ALL nations have in common?

Which of the following is NOT a disadvantage of a command economic system?

Which of the following is physical capital?

Economic growth on a PPC can be shown by....

A point OUTSIDE of the PPC is...

There are many different types of capital.

When a company focuses on selling only one type of item or items.