Economics U1: Fundamentals of Economic Analysis

Trade offs and opportunity costs

Which of the following best describes mixed market capitalism?

The production possibilities is a model that demonstrates

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

The opportunity cost of a decision is

Specialization and trade makes nations

Sam makes 100 and Cory makes 200 baskets in one hour. Who has the absolute advantage?

When a nation is efficient with its resources, it

In a mixed economy, the government manages this type of public works project.

Economics can BEST be defined as

The study of the choices people make to satisfy their needs and wants is called

In a socialist economy, people are promised free goods and services, but

Which of the following economic systems allows privatization but taxes very heavily?

Which one goes best with capitalism

On a PPF, production combinations below the frontier are 

In this economy, government intervention is limited

A renewable resource would be ____ while a non-renewable resource would be ____

The saying, "jack of all trades, master of none," could be used to describe

Utility is defined as the

Adam Smith's "invisible hand" theory suggests that

Absolute advantage is about _______ and comparative advantage is about _____________.

Historically, socialism and communism have resulted in

The people who decide to buy things are called

A ____________________ economy relies on ancestral and historical traditions

The buildings, structures, machines, and tools used in production are called

The rational behavior model suggests that people mostly make decisions based on

The production possibilities frontier (PPF) demonstrates

The Circular Flow Model demonstrates that in a market economy,

A command economy is characterized by

The traditional economy is based primarily on