Econ Unit 1

Governments protect individuals inventions with patents in an effort to promote innovation.

A bartender at Long Horns is considered an entrepreneur.

Resources like land, labor, capital and entrepreneurship that are used to provide goods and services are known as?

The purpose of specialization is efficiency.

This tool is used to show alternative ways to use resources?

When the government has NO control over the economy, the system is a?

What theory states that when a business can produce a good with a lower opportunity cost, they should produce that good?

Propaganda posters to increase production are mostly seen in?

An unemployed workforce will cause the PPC to shift left.

When the US government broke Standard Oil into multiple companies- how did it benefit the public?

Why are mixed economies better than true Market economies?

Which of the following is an example of shortage?

When Governments bring 2 product they produce to determine which is the best fit for them to produce- it's called?

In America, our economic system is sometimes referred to as?

Which of the following is not a key economic question?

National Parks, highways and most libraries are examples of?

Which of the following is difficult in a true market economy?

Two things that can cause a PPC to shift right are Technology and education?

An example of something that would cause a PPC to shift left would be a?

This person believes that democratic means should be used to evenly distribute the wealth throughout society?

A country is ON the efficiency curve when they are using all of their available resources.

Resources used by humans to produce consumer goods are known as?

A production possibilities curve only uses goods in determining what someone should produce.

The concentration of the productive efforts of individuals and firms on a limited number of activities?

The motivating force behind the free market is the concept of the Invisible hand.

Which of the following countries is centrally planned?

The most desirable alternative given up when making a decision is?

The motivating force behind the Free Market System is the "Invisible Hand."

The fact that all goods and services are scarce is due to?

Iron ore, natural gas, fertile soil and water are all considered by economist as?

Which of the following people would only be found in a Market economy?

Which of the following explains why smoothie-king produces a higher profit on a smoothie than McDonalds?

A 3D printer at a design firm is an example of?

When you design a new app for ride sharing- like Uber, you are a(an)?

When the government must choose between increasing military spending and subsidizing consumer goods?

A lack of incentive among workers is often found in which economy?

Which of the following is an example of scarcity, but not shortage?

A person who believes in free JR College would have a Laissez Faire mentality.

What drives a manufacture to produce the best product possible at a resonable price?

The 4 Factors of Production are Land, Labor, Capital and Entrepreneurship.

Private property, innovation, competition and profits are all charateristics of?

After WWI, Germany lost territory. What happened to the line on their PPC?

I'm a farmer because my father was a farmer- I live in a?

A characteristic of a traditional economy would be?

Which of the following is not physical capital for Little Caesars'?