Basics of Economics Test

The value of what you give up by choosing one alternative over another is called

Government payment that helps cover the cost of an economic activity considered to be public interest

The process of changing from private ownership to government ownership is called

PPC is an acronym for

Market for goods and services

Producers help allocate scarce resources by seeking opportunities to

The foundation of market economies

Means "leave things alone" or a hands-off approach

A free enterprise system is also known as a

The ongoing tensions of not having enough resources to meet human wants is called

Which involves having the government make most economic decisions?

Goods and services provided by the government and consumed by the public as a group

The process of changing from government ownership to private ownership is called

Study of the behavior of the economy as a whole

A need is fulfilled by

In a circular flow model, the arrows between government and businesses show the flow of

Which of the following nations has a command economy?

Study of the behavior of individiuals in an economy

Any point outside the curve of a PPC represents a goal that is

The ability to decide for yourself which legal agreements you will enter into is called

Market for factors of production

Which involes making economic choices based on customs?

The human time, effort, and talent that go into making of products is called

Which is based mainly on individual choice?

The idea that consumers are free to buy what they want