Fundamentals of Economics

Which economic system will likely experience high amounts of government regulation & low amounts of private ownership?

__________ is limited economic resources combined with unlimited wants.

What is the economic term for the distribution of resources?

In which economic system does the government own the means of production?

Which economic system is typical of underdeveloped nations?

Robotic machinery improves car productivity. Now, cars only take 1 day to produce. This growth is caused by what?

Deven chooses to sleep an extra hour instead of going to class. Devin not going to class is an example of _______?

Can only be one valedictorian. Person with the highest GPA is awarded that honor. How is this being allocated?

___________________ is the study of choices that people make to satisfy their needs and wants.

In the _______type of economy, only the producers and consumers answer the 3 economic questions.

A Subway employee is making bread while another works as cashier is an example of which of the factors of production?

Producers make goods that consumers like and are willing to pay for is a principle of which economic system?

Of the types of economic systems, which one would BEST describe the American economy?

Mary leases an apple orchard, renovates her kitchen to produce and bottle the juice. What factor of production is she?

The purchase of an additional pizza oven for a restaurant would be an example of investing in… (SSEF4b)

In the production of chocolate chip cookies, which represents the factor of capital? (SSEF1c)

Increased productivity that results from investments in education impacts societies in which of the following ways.

Which of the following is a question that each economic system must ask because of limited resources

Choose two ways to improve production possibilities and shift the PPC curve out. Choose TWO correct answers below.

A large variety of goods and services is characteristic of which type of economic system?

To persuade workers to work an extra shift, the boss offers time and one half overtime. Which economic concept is this?

Pam has $20 and wants to buy a shirt and pants. She only has enough $ to buy the shirt. What is the opportunity cost?

What would be the impact on the automakers’ production possibilities curve if their economy grew?

A Production Possibilities Curve is a graphic representation of? (SSEF4e)

Common spaces in a college dorm, community gardens, and public parks all have _______ access. (SSEF1b)