Economics Unit 1 - GSE Standards 1-6

Investment in education, training, and skill development has been linked to

Which of these might cause the line to move to the right in this PPC?

The economic condition that exists when unlimited wants exceed limited resources is called

What MIGHT be the purpose of government regulation of natural monopolies?

An investment in improving the skill level of labor is considered an investment in

What is a rational economic decision?

A company produces two goods, X & Y. All of the points represent possible product output EXCEPT

Havertys just bought a supply of lumber. This purchase represents which factor of production?

Who's job is it to provide public goods, regulate market failures, & promote economic growth.

In this production possibilities graph, what MIGHT cause the line to move to the left?

Economic system where production of goods is based solely on supply and demand.

In a command economy, how is it determined what goods and services will be produced?

In economics, when discussing the factors of production, the term "land" refers to

Australia has some economic freedom & some government regulation. What type of economic system?

Logan has $40 for a Bocephus concert, but buys jeans instead. The concert tickets represent his

Someone who creates a system to offer a product in order to obtain a profit is called

The graph shows how many basketballs & whoopee cushions can be produced. Such a graph is called

Which is NOT something that would be paid for with taxpayer money?

The government controls all aspects of the economy and makes all decisions. This is a

A measure of the amount of output produced by a given amount of inputs is

Zoe doesn't want her iphone anymore. Sam doesn't want his camera. They swap. This is called

Study of how individuals, institutions, & society make choices under the conditions of scarcity

Land, labor, capital, and entrepreneurship are the

An opportunity cost is

Which of these BEST represents capital investment for a company?

In a mixed economy, which of these would MOST likely be considered a basic function of gov't?

Mr. Simpson has decided to start a company to produce bobble-head dolls. What is Mr. Simpson?

As one of the factors of production/productive resources, capital can be defined as

Workers on an assembly line are an example of

The opportunity cost of a move from point A to point B is

What is the primary purpose of job specialization?

Why do MOST entrepreneurs take the risk to start a business?