Unit 1 Economics

The legislative branch of the US government is also known as

System in which the wealth is distributed evenly throughout society.

Adam Smith said the market is driven by people pursuing their_______________________

A person who believed in laissez faire would disapprove of:

A worker's knowledge to perform tasks is known as:

What economic goal is know as the "safety net" ?

What do economists say was a large factor for command economics failing in the Soviet Union?

The total value of all goods and services produced in a particular economy.

What does the point inside the production possibilities curve represent?

How many amendments are in the US Constitution?

Who was a free market philosopher?

What system would an entrepreneur have the most opportunity to be successful?

A factory building is an example of what type of factor of production:

What economic system relies on customs and rituals to answer the 3 economic questions?

A representation of alternative ways to use an economy's resources.

Where was the original McDonald's restaurant?

Actions that one person performs for another for a fee

The study of the behavior and decision making of the entire economy.

What economic goal is hard to achieve in a market based economic system?

The study of the behavior and decision making of small economic actors.

The most desirable alternative given up when people make a decision:

The 3 Economic questions are: What, how, and for whom?

Where households pay firms for goods and services:

Which of the following is an example of a public good?

The point outside the production possibilities curve represents:

Unlimited wants exceeding limited resources.

Who answers the 3 economic questions in a command economic system?

Which country had the highest economic freedom rating?

The name Starbucks comes from what famous novel?

A period of macroeconomic expansion followed by a period of contraction.