The New Basics of Economics

Which of the following countries are examples of mixed command economies?

Which of the following is an example of the factor of production called land?

Which of the following refers to a service?

A service is an action or activity that one person performs for another person.

The opportunity cost of waking up early to go to a job interview is the money you spend on gas to drive there.

Who is the father of economics?

Adam Smith believed that a market economy will lead to positives results on it's own as if guided a an invisible hand.

Economics deals with the choices people make when they face scarcity.

A shift to the right of a production possibilities curve represents economic growth.

What does a point D on this production possibilities curve represent?

Which of these is a factor of production?

According to Karl Marx, capitalism will eventually collapse and lead to communism.

Which of the following is an example of the factor of production called labor?

What is a situation in which people's needs and wants are greater than the goods and services to satisfy them?

What is the price of one currency in relation to another currency?

An economic good is work a person does for someone else while a service is a physical object.

Scarcity is a condition that applies to only poor countries and not rich countries like the United States.

Which of the following is not an example of the factor of production called physical capital?

Who was the economist who championed the system of free market capitalism in his 1776 book the Wealth of Nations?

Which term means the act of giving up one benefit in order to gain another greater benefit?

The knowledge and skills that a doctor acquires to do their job is an example of human capital.

According to the law of demand when the price of a product increases people will more of that product.

Economic choices involve trade-offs.

Economics is the study of the choices people make so as to satisfy their needs and wants.

Demand is the ability and willingness to purchase a product.

This economist wrote the Wealth of Nations.

What is the purpose of a production possibilities curve?

In a market economy most economic decisions are made by

In a mixed market economy most economic decisions are made by the government with some made by individual & businesses.

According to Karl Marx, capitalism will eventually collapse and lead to which of the following economic systems?

The robots used in a auto assembly plant is an example of which factor of production?

Which term applies to Bill Gates?

A debit card draws money from a checking account and represents one's own cash.

What is a physical object created to satisfy needs and wants?

Who was the economist who argued in his book the Communist Manifesto that capitalism would implode & lead to communism?

Which of the following countries have a mixed market economy?

When you make a purchase with a credit card, the bank pays for the purchase, then you repay the bank.

Guns v. Butter refers to the choices faced by government between spending money on military or domestic needs.

Point E on this production possibilities curve represents a maximum level of production.