Unit 1

Which of the following descriptions best explains the meaning of opportunity cost

The economic system of the United States is

Economic system in which private citizens own and use resources to make profit

The paradox of value refers to the 

Which statement describes a disadvantage of a command economy

The four factors of production are land, labor, capital, and

Who did Karl Marx believe would be the beneficiaries of socialism

 Which best describes the purpose of the production possibilities curve

System that has some combination of traditional, command, and market economies

Manufactured goods used to produce other goods or services

Which of the following is a disadvantage of a market economy

Which of these is a major advantage of a market economy

 Which of the factors of production involves taking risk

System in which economic activity is the result of ritual, habit, or custom

Struggle among sellers to attract consumers by offering the best products at the lowest prices is

System in which government owns and controls some factors of production

A fundamental problem in every society

Societies are faced with which three basic questions about production of goods

 Represents the range of production possibilities

The three synonymous terms to describe the U.S. economic system are free  enterprise, capitalism, and

This economy offers uniformity in wages regardless of occupation or individual productivity

Mechanism through which buyers and sellers of an economic product come together

Which type of economy is most prevalent in the world today

Food is an example of one

Which of the following helps determine something’s value

In the free enterprise economy consumers answer what question

 One of the characteristics of a capitalist free enterprise economy is 

Who ultimately determines the success of a product

Economic system in which a central authority makes the major economic decisions