Unit 1 review economics

The monetary value of ALL goods & services a country produces is called

Driving force that encourages individuals to make as much money as they can is

Economic downturn of the economy which began in 2007

In a Command Economy, how are prices of goods & services determined?

Contradiction between the high value of a nonessential item and the low value of an essential item is known as

People who take risks by starting a business are called?

Cost of the next best alternative is known as ...

Separation of work into many different tasks is ...

Considered the Father of Communism, he wrote the Communist Manifesto

Fundamental economic problem facing all societies due to limited resources is

These are fuels made from plants and animals

How might the purchase decisions of consumers impact a Market Economy?

The economic system that has some of all the other types of economies in it is called a ...

Federal law which tells employers the least amount they can pay their workers is ...

The 3 Economic questions are answered by custom & generations in which type of economic system?

In which type of Economic system are prices determined by the market and the government?

TINSTAAFL MEANS THERE IS NO SUCH THING AS A FREE TICKET

These 4 things (land, labor, capital, entrepreneurship) used to make goods are known as the ...

How do private property rights encourage people to work, save, and invest?

In which type of economic system are the production of goods & services controlled only by Supply & Demand?

Quality of life based on ownership of necessities and luxuries that make life easier is called ...

Which characteristic is Primarily associated with a Command Economy?

Adam Smith's book, The Wealth of Nations, called for which type of economic system?

How does a Traditional economy differ from a Free Market economy?

Role of consumer as ruler of the market in determining what is produced is called?