Unit 1 Economics Review

the study of economic behavior and decision making in small units like households and firms

By voting in elections to influence economic action, individuals practice

in the "guns" vs. "butter" comparison, which of the following would represent "butter" ?

Consumers in a free market have the __________ to make their own choices

Systems that have some planned and some free market features are called:

Laws that give inventors exclusive rights to a design/product

The 'EPA' or Environmental Protection agency is an example of a:

Programs that protect people who face unfavorable economic conditions are called:

An system where the gov't makes all of the economic decisions is called:

The gov takes Sally's home to build a new and more efficient highway. This is an example of:

Limited amount of goods and services

A system based on tradition, ritual, and habit

The United States could best be described as a:

All of the following are advantages of the free market except

True or False: Economic Growth= a higher standard of living

A company provides job training for employees. By doing this,they are improving their:

Which economist came up with the idea of the "invisible hand" ?

Which of the following factors of production would be categorized as "land"

consumers want more than producers are willing to make

All of the following can be consider negative externalities except

The U.S. constitution provides guidelines for the following features of our econ system in US:

Laws that give authors/musicians exclusive rights to ideas and work

The value of the "next best" alternative can also be referred to as the: