Economics: Fundamentals

An increase in the capital utilized in the production process leads to what?

In a market economy, prices are established by

The term “consumer sovereignty” means

Which represents physical capital?

Which of these terms is the BEST synonym for the word “entrepreneur”?

When a society invests in education, how is it improving its productivity?

Ditch Digger, Computer Programmer, and International Financier are all examples of

An opportunity cost is

Workers on an assembly line are an example of

Why is the consumer considered “king” in a capitalist economy?

Investment in education, training, and skill development has been linked to

Which of the following is not a characteristic of a centrally planned economy?

Which is the MOST important for economic growth?

Which of these BEST represents capital investment for a company?

Land, Labor, Capital, and Entrepreneurship are the

Although specialization increases productivity, one disadvantage is

Communism and Socialism are usually found in what type of economic system?

The use of new technology in the production of goods and services will result in the following?

In a command economy, how are the prices of goods and services determined?

What is the basic problem that all economies must deal with?

What best describes the role of a government in a capitalist economy?

The payments for land, labor, capital, and entrepreneurship are

In economics, when discussing the factors of production, the term land refers to

The BEST explanation of why there will always be scarcity is because

What is the primary purpose of job specialization?

You decides to spend $40 on a BBall game instead of buying a jacket. What is the o/c?

Making the best use of resources has to do with which economic goal?

Using an assembly line is an example of

Marginal benefit is MOST related to what economic concept?