Basic Economic Concepts Review Flashcards

1

Free Market Economic systems provide people with lots of choices and opportunities.

2

Traditional Economics are very productive.

3

Which factor of production does the picture represent?

4

When something is in low supply it is _____.

5

In command economies decisions are made by a central authority.

6

Which below is not one of the three basic economic questions?

7

Which factor of production does this picture represent?

8

Entrepreneurs are considered "risk takers".

Basic Economic Concepts Review