Econ U1 Quiz Review

In economics, SCARCITY refers to the fact that all -- are limited

Why do COMMAND ECONOMIES experience many surpluses and shortfalls?

Which economic system is found in remote regions and relies on customs?

Which best describes HUMAN CAPITAL?

Coupons from businesses are an example of companies taking advantage of what principle?

Which of the following is NOT an advantage of division of labor?

Which type of economy does North Korea have?

What would a government do in a pure free market market economy?

Which of the following is NOT a characteristic of a market economy?

Who is known as the 'Father of Economics?'

What is an example of a perpetual resource?

Trees are an example of which of the following factors of production?

Which kind of economy is most common today?

To maximize efficiency and productivity, businesses want to maximize -- while minimizing the -- needed.

Bill Gates is an example of which of the following factors of production?

The three fundamental economic questions are WHAT to produce, -- to produce, and FOR WHOM to produce

Why do some Asian and South American countries have a comparative advantage in clothing manufacturing?