Econ Unit 1

Lower prices and more consumer choices of better quality are results of

When an economic decision is made, what is the result?

Which point(s) represents future possibilities with new/better technology and/or resources

An advantage of private property ownership is

Which of the following is NOT a benefit of the free enterprise system?

What are incentives in free market economies?

If Jim prefers to have control over what he purchases and enjoys low government regulations...

Buying a Coke at Walmart is an example of

Opportunity Cost is a result of having to deal with what economic concept?

Which of the following are benefits of the U.S. free enterprise system

Going to the opera instead of watching a movie.

an employee is selling their time on the

What is the value of the next best option?

Which point(s) represents efficiency

Which point(s) represents under-production

A man-made item that assists in production of another item or service

What is the main problem faced by Communist countries without free markets?

Austrian economist that defended classical liberalism and free market capitalism. 

The fundamental problem of economics is how to deal with

Identify the economic system: private property, variety of goods,

Identify the economic system: Focus on equality, government controls FOP

An example of the Factor or Resource Market would be

Under which of these systems might you find state funded health care but also open markets?