Economics - Unit One

a _________ are government programs designed to help those who are not well off.

Which economic philosopher is largely responsible for capitalism?

The far left of the continuum of mixed economies is communism, what is the far right?

resources made by humans and used to create other products and sevices is known as what?

Which arrows represents the flow of goods and services from firms to households?

What to produce, how to produce, who to produce for...

What is it called when benefits are passed on to bystanders?

_________ is the study of the choices we make to satisfy our wants and needs.

The practice of combining the factors of production to create items of value is known as what?

What is the doctrine of having little government intervention in the economy?

Any alternative we give up when we make a decision is known as what?

What types of economies are usually small communities who base decisions on custom and ritual?

Knowledge, Skills and Abilities

Which arrow represents the flow of the factors of production from households to firms?

Resources used to make goods and services include...

A period of macroeconomic expansion followed by contraction is know as what?

The next best alternative we give up when we make a decision is know as what?

Which economic philosopher is largely responsible for communism?

In what type of economic system does the government own some of the factors of production?

What is the opportunity cost of going from point A to Point D?

This involves the study of small units such as individual consumers or producers