Econ Unit I

A problem facing command economies is:

What problem faces all economic systems?

Who or what sets prices in free market economy?

GDP is used to measure what part of an economy?

Which of the following isn't a pillar of free enterprise?

Which of the following is not one of the economic questions every system must answer?

Which of the following is an example of a capital resource?

An economic system where the government owns all resources is known as

Which of the following best demonstrates entrepreneurship?

You want to buy hat or a shirt with $20 . If you buy the hat, what is your opportunity cost?

You use a $20 bill to buy Mr. Delaney a gift. The bill is an example of a

Economic system where private individuals own all resources

Why is private property important in a free market system?

Why is market competition important in a free enterprise system?

An economic system where the government controls some resources, like education or health care:

China' s economy would best be described as a

What happens to price when the supply of a product increases greatly?

Human wants are

What type of economic system best describes the United States economy?

Which of the following is an example of a human resource?

Which of the following is an example of a natural resource?

What happens to prices when people want to buy a lot more of a product?