Unit 1: Intro to Economics

On the model, point B represents a combination of guns and butter that:

The economic system closest to the pure command model is:

The purpose of government in a command economy is to

Three basic ecnomic questions are:

The American system can BEST be described as a

Man made tools, equipment and factories used in the production of goods and services are called

Every economic system must make choices.  Which of the following do ALL economic systems face?

Which of the following is a reason for scarcity?

The next best choice for the use of a resource is called

Which of the following is NOT generally considered to be an ecnomic goal?

The country of Cuba is closest to a/an _________ economy

The method used by a society to produce and distribute goods and services is its

In the FACTOR market (The bottom of the circular flow model:

Which of the following best characterizes capitalism as an economic system?

Each of the following is a factor of production EXCEPT:

Entrepreneurship can be explained by all of the following EXCEPT:

All of the following are characteristitics of a traditional economy EXCEPT:

Economics can be defined as the study of