Economics Basics

Cuba and North Korea have this type of economic system where everything is owned by the government

That which is given up when purchasing something else

When one buyer or seller tries to outdo another

The person who assembles the factors of production in hopes of earning a profit

The difference between what was chosen & not chosen is called:

The condition of prices going up

The condition resulting from unlimited wants with limited resources available

Command economy is to Communism as:

Type of economy where things are done the way they have always been done

The process of choosing one thing over another is:

In a capitalist economy who makes the economic decsions?

The physical and mental effort required to produce goods and services

Which concept accurately describes the U.S. economy today?

Which is considered to be a good?

The factors of production include:

Who controls the money supply?

Which is NOT an example of Microeconomics?

Items created by nature that are used to create goods and services

Economic system where buyers and sellers interact to determine who gets what

The correct definition of Economics is

Which correctly describes capital:

His book, The Wealth of Nations, defined market economics for the first time 

The study of how people distribute scarce resources

Which of the following is NOT macroeconomics?

A tractor would be considered:

Economy system where the government makes important decisions regarding the economy

An economic system where the government charges very high taxes and provides many services

Which identifies a want?

A nation that still uses a Command Economy would be:

In making economic decisions, what you did not choose is:

Economic system which has strong controls on the economy but also private property

French term for the philosophy that says the government should stay out of the economy

Which correctly identifies a need?

True cost is defined as:

Which is an example of an asset?