Economics: Unit 1 Review

In which market are households sellers?

The land, labor, and capital used by a society to produce outputs.

Which of the following is an example of voluntary exchange?

A worker flipping burgers would be an example of:

The next best alternative when making a decision is called:

Which economic system is centrally planned?

Supply and demand play a role in which economic system?

A rational is decision involves:

In which market are businesses sellers?

You can buy a drink or a pizza. You choose the pizza. What is the opportunity cost?

Specialization allows an economy to grow and produce more goods and services.

Joe works for Game Stop in the mall. His work takes place in which of the following?

What category would a doctor's knowledge fall under?

There is a profit motive in a command economy?

Which economic system involves the government and individuals making decisions?

What are the three questions that every economic system has to answer?

Private Property is allowed in a command economy.

The point outside of a PPC is:

Which country would have a command economy?

What category would water fall under?

This term refers to the fact that all goods are limited, and will eventually run out.

Which economic system permits consumers to buy whatever they want (consumer sovereignty)?

The point inside a PPC is: