Econ- Per 8: Test 1

Which economic system do most countries have in the modern day?

The best choice lost due to a decision being made

Something that someone works towards is called a

Which economic goal/value works towards a higher standard of living

Which economic goal/value is about fair distribution of wealth among people?

Something that someone does for another person for money is known as a

Physical Object

There are not enough resources for everyone’s needs and wants

In which economic system does the government make the decisions?

Something that people don't need to live

Something that people require to live

Deciding how much more or less to do

Making a decision that leads to someone having to decide between one choice or another

Income that people make from selling different factors of production

The extent to which there are enough resources for people to get

In a Production Possibilities Curve, what is being compared is the production of two _________

Which of the following is NOT one of the three Factors of Production

Which economic goal/value is based on the individual nation?

The price of one resource will increase due to the production of another resource increasing

In which economic system are the decisions made by the people

What is the method used by people to produce and sell resources, goods, and services called?

Which economic system is based around a society's traditions, beliefs, and customs

Which economic goal/value is about a country making the most out of their resources

Which of the following is NOT one of the three key economic questions

Which economic goal/value is about people being free to make their own decisions

One example of a Safety Net in the US Economy is

So many people want a resource that the producer of the resource has to change the price

Making of goods, services, and resources

Someone who creates new goods/services is called

Which economic goal/value is ensures that the economy runs smoothly