Power of One: Economics

The United States is an example of a _____________ economy.

The "invisible hand" guiding people to work hard for money describes a

The most basic of all economic problems is __________. Not enough of everything to go around

Most jobs in the United States and Canada are __________ jobs.

The belief that governments, rather than individuals, should own a country's major industries

This resource refers to all the machines, tools, and money.

Economics is all about making:

The idea that people should have an incentive to make a profit (Adam Smith) describes

Tax on an imported good.

Founder of the assembly line. Allowed for increased productivity.

This type of economy does things the way they were done in the past

The amount of goods and services workers can produce in a given time

When productivity goes up on an item, the price of that item (usually) goes _____________.

Citizens of the Soviet Union worked at government owned factories. This is an example of:

When governments restrict trade or interactions with another country

When the people, not the government, decide on how to answer the 3 basic economic questions

The act of cutting off all trade with a country.

In a _____________ economy, government leaders answer the 3 basic economic questions.

Which of the following are factors of production?

Under ______ the government owns all property; people take what they need and all needs are met

Money given to companies or groups to lower the cost of the production of products.

The people's ability to start a new business or improve old ones.

This occurs when a person, country, or region works on making one part of an item.

A limit on the amount of an imported good allowed in a country

Almost all economies in the world are:

The work you do is one type of resource called

Refers to raw materials found in the earth

An Inuit village that hunts whales like their ancestors is an example of a:

All of the following are three basic questions all economic systems must answer except:

All of the following are advantages of specialization except: