H Econ Unit 1 Summary

An Economist says that GDP will likely return to normal levels after the upcoming tax law is passed

The methods used by a society to allocate resources

A tractor is an example of which factor of production?

A core value for Economist Adam Smith was Equality

Minerals are an example of which factor of production

The fact that we have unlimited needs/wants but limited resources

Adam Smith proposed increased government intervention in the economy

Adam Smith is known as the Father of Capitalism

Which of the following is not one of the 3 basic Economic quesions

A good that lasts less than 3 years is referred to as a Durable Good

An Economic system that includes some government control and some free market elements is a:

An economy with individual choice but a government that controls/provides basic healthcare, housing, food etc is likely:

An economist thinks that ppl are spending more money now because they believe a new tax law will decrease their income

Opportunity Cost essentially means

A good intended for final use by individuals

Economics is considered a type of

Each person does a specific task/job and is able to get very good at it

Points underneath a production possibility curve represent

In which Economic system does the government have control/allocate the factors of production

Communism is a mixed Economy but is closest to:

Points along the curve of a production possibility graph represent

A country's ability to produce something better or more economically efficiently than another country

An economic system that is more common in smaller (familial/cultural) groups is likely a:

Traditional Economic Systems are larger and more complex than other Economic Systems

Which of the following is not a main type of Economic System

The total monetary value of all goods and services produced by a country is called its

The Economist Karl Marx wrote the book The Weath of Nations

Which two concepts determine the value of something