Fundamentals of Econ

In the USA we have stores, common roads and schools and we tip our food servers. What type of economic system?

Because scarcity exists, people must....

Entrepreneur Kate Spade decided to make handbags. She studied the consumer market to answer this econ question.

Which of the following is an incentive for getting good grades.

In addition to being limited in supply and desirable, oil is considered scarce because it also meets this condition

Land refers to minerals, oil, animals and financing.

A cash register in a clothing store is an example of this factor of production.

What are advantages of a market economic system?

This process is useful when considering whether to continue the next level of education...2 yr degree, 4 yr degree, MA..

Amish societies are often referred to as this type of econ system because the young follow the footsteps of the elders.

On an assembly line, this process greatly improves productivity.

Bill Gates, Elon Musk and Jeff Bezos organize people, resources and tools used for business. What factor of production?

An econ system where the needs and wants of the consumer go unmet.

Choices in a command economy are determined by...

Trash is not a scarce resource mainly because of this condition (1 of the 3)

The answer to this economic question is determined by consumers in our country.

I spent 3 hours making a dinner that is HORRIBLE....I will eat it all. Why shouldn't time be part of decision making?

Which of the following is an advantage of a command economic system?

An entrepreneur can also be part of the human capital/labor for the business.

Oil and Water are examples of this factor of production.

Adam Smith said this is the most important factor of production.

This morning I slept an extra hour and skipped my morning run. What is the opportunity cost of my choice?

Studying 1 more hour for my econ tests means less time to hang out with my friends. Economist call this.....

Spending $50 on a round of golf meant I did not have enough money to pay for a golf lesson. The lesson represents....

An architect designs a high rise in S.F. to withstand a magnitude 7 earthquake but not an 8. The __________ is too low.

Which of the following is NOT a capital good?

Henry Ford chose to make automobiles on an assembly line answering this economic question.

What is an example of capital goods in Mrs. Crowe's auto shop?

People and societies must answer the three econ questions because of.....

You decide to open your own ice cream store. You choose the locale, product, prices, etc. What type of econ system?