ECO UNIT 1 BASIC ECON PRINCIPLES & ECON SYSTEMS

In __________ economic system individuals own the factors of production.

The line showing different outputs in an economy is called

Adam Smith is the father of capitalism and the invisible hand.

A point outside of the graph to the right is indicative of

Getting a degree in a vocation such as welding provides you with greater

Wood that is made for your desk is called?

All the other choices you could have made instead of coming to school today are called..

Subsistent farming is usually found in _________ economies

Modern economist that most ardently argued against communism & that the prices determine things

A representation of alternative ways to use an economy's resources is called

A point inside a PPC shows a _________ economy

The reason why Zuckerberg, Gates, Bezos & Buffet are entrepreneurs is because they

Production possibilities graphs are important because they show ways to

Karl Marx is the father of communism. He believed that the government sould own the 4 factors of production.

"General Electric should run the production of electricity service. This is a KEY econ question

"There is no milk because so many dairy farmers have gone out of business. This is..

Perpetual condition of limited quantities to meet unlimited wants is called

When you go to the mall and buy the newest Jordans what are those shoes called?

Robots that assists workers in producing cars is called

The picture on the next slide illustrates

Which term best fits the actions of the Country that has given up producing berries in order to produce fish?

Income people receive for their labors is operating in the ___________ market.

Coal, raw diamonds, trees, iron ore are all examples of what factor of production?

A Mixed Economy is found in which country?

Households purchase goods from firms in the _______ market

Improvements in textile mill machines to increase workers' efficiency of clothing manufacture

$ that goes from households to firms to pay for goods & services is operating in the ___ market

In __________ economic system the government owns all the factors of production.

The one choice, your best alternative, instead of coming to school today is called..

Keynes believed that the government should inject the economy with money in order to save it and help its people.