Economics Unit 1 Review

Going from 0 to 4 (thousand) boats would cost ___ (thousand) trucks

Which point on the graph is unattainable given the available resources?

The study of the choices that people make because of a lack of resources is:

For most of us the resource that is most limited is ______.

The condition that arises because resources are limited.

The characteristic of capitalism that says that we are in control of our own possessions.

What are the 3 basic economic questions?

Tools, equipment, factories and money used to produce goods and services.

The characteristic of capitalism that we are free to choose our occupation.

Economic system where both the government and individuals own businesses.

Which would you find in the Factor Market?

Adam Smith called __________ the "invisible hand" that should control the economy.

At which point on the graph would some of the resources go unused?

This diagram is called a/an:

A production possibility curve can show all of the following except:

Economic system where people live almost exactly today as they did hundreds of years ago.

If we choose Subway instead of Taco Bell, then Taco Bell becomes the:

Which of the following countries would be a command (communist) economic system?

When we choose Subway instead of Taco Bell for lunch, we have just made a/an:

A person willing to take a risk to start a business.

Which point or points on the graph represent the use of all available resources?

Adam Smith's theory that the government should keep it's hands off the economy is called ____.

The driving force of financial gain for entrepreneurs is:

Which of the following phrases would best exemplify the theories of Karl Marx?

Because the United States has some government control of the economy is it classified as:

Which would you find in the Product Market?