Economics Unit 1: Fundamental Economic Concepts

Another name for the market system is?

Which of these hypothetical situations would be a horizontal merger?

Which of the following is NOT a reason the gov't would get involved in a mixed market economy?

Which economic system encourages private ownership of resources and entrepreneurship?

Which of the following may be considered an advantage of a Corporation?

Which of the following may be considered a disadvantage of a Sole Proprietorship?

What does point X represent on the production possibilities frontier?

Which of the following is NOT an example of a command economy?

This image represents

What number should appear in place of the Y in the table?

Both parties in a transaction believe they benefit under

Which situation allows for limited liability?

According to the Circular Flow of Economic Activity where would "pay for resources" go?

What is an opportunity cost?

If the benefits of going to college for Tim outweigh the costs then going to college is

Why would someone decide to open a franchise?

Sponge Bob represents

The potential rewards, such as profit, that are motivation to an individual are known as

When a society invests in education, they improve their standard of living by increasing

Sponge Bob's spatula represents

All of the following are public transfer payments EXCEPT

Which of the following is NOT one 3 basic economic question that societies must answer?

What impact does deregulation usually have on industries?

Alternative choices are considered as?

What does point C represent on the production possibilities frontier?

Mr. Krabs (owner of The Krusty Krab) would represent

The image below represents what economic system?

What is the motivation for producers to sell their products at a price consumers can afford?

The FCC, OSHA, EPA & SEC are all public ___ agencies that provide for public safety and equity.

What does point Y represent on the production possibilities frontier?

Which economic system emphasizes security, stability, equality, and public goods?

This market structure has many firms, and slightly differentiated products.

What are the three major economic ACTORS (not factors) in the U.S. economy?

Which of these hypothetical situations would be a vertical merger?

List from MOST to LEAST competitive:

A market economy is characterized by?

Which economic system is characterized by decisions made by a central authority?

According to the Circular Flow Diagram where would a person's paycheck belong?

Which economic concept is illustrated by a PPC?

According to the Circular Flow Diagram where would "money spent" go?