Econ Basics

Every day decisions in which you choose to do one thing rather and something else, you are making a...

The study of how we use our scarce resources is called:

In which economic system does the gov't make all economic decisions?

In a market economy who controls the factors of production?

The skills, abilities, talents, and knowlege of workers is called

In which type of economy does the government make all the economic decisions and control the factors of production?

The image below represents which Factor of Production

By choosing to participate in class you have made a trade-off

Which of the following is not a basic economic question?

The fundamental economic problem is

The image below represents which factor of production

The United States has a market economy

What is one opportunity cost of choosing to study for your quiz rather than binge watch a show

North Korea is closely related to which economic system?

Teachers, doctors, firemen, fisherman, are all examples of which factor of production

The ability to choose what you will sell or purchase is called:

The United States is closer to a market economy than a command economy

When resources are scarce, it means there are not enough to...

In which economic system is there often no money traded?