Sumner Economics Ch1 and 2 Review

Which of the following is characteristic of a traditional economy?

The major problem that the study of economics tries to address is?

Which of the following best describes the U.S. economy?

Which of the following is not a factor of production?

The picture below represents which factor of production?

The picture below represents which factor of production?

The father of economics?

If production of trucks moves from point B to point C what is the Opp. Cost?

Three questions that every economic system must answer before production may begin?

Anything a consumer desires that is not food, water, or shelter?

The picture below represents which factor of production?

Why are goods and services scarce?

the study of how people make choices when supplies are limited

Which would a company do to increase its human capital?

what you give up to get something else...

Which factor of production does the picture represent?

The picture below represents which factor of production?

Which factor of production does the picture represent?

Term that describes that a government should provide minimal interference in a market economy.

the extra cost of making one additional unit

using resources in the best way is known as

Which factor of production does the picture represent?

Which factor of production does the cash register in the picture represent?

Producing one product instead of another is an example of a(n)?

If production is a point D it is said to be operating at ______?

Food, water, shelter, and Clothing (sometimes) are considered?

Which of the following is characteristic of a market economy?

The picture below represents which factor of production?

If production is a point E it is said to be?

What did communist revolutions lead to in the Soviet Union and in China?