unit 1 economics test review

Why does scarcity exist?

The circular flow of income and outcome shows the

A free enterprise system allows individuals the right to

Government leaders decide how to use the factors of production in a

To an economist, a need is defined as

What results from a combination of limited resources and unlimited wants?

Land, labor, capital, entrepreneurship are

Most property is private property in a

Some economists add technology to the list of

Tangible items that people buy are

Labor includes

Economic goals of the American free-enterprise system include

Allowing each member of society to make their own financial choices is the goal of

Competition forces businesses to

Which of the following is NOT one of the 3 basic economic questions?

Almost all economic systems today are mixed economies

The definition of economics is

In a command economy, economic decisions are made mostly by

Simplified representation that helps predict and explain economic behavior is

A car used by Jimmy John's to deliver is a type of

Previously manufactured goods used to make other goods and services are

Unrestricted competition and freedom of economic decisions are 2 major characteristics of a

Which is NOT shown in the circular flow of income and output?

Activities done for a fee are

A roofing company's trucks are an example of

What is opportunity cost?

A production possibilities curve helps determine

Factors of production include which of the following?

What is included in the economic concept of land

A situation in which people do not have enough resources to satisfy every desire