24-25 Economics Unit 1

What are the four factors of production?

The purpose of an economic model is to

A decision to block the import of blue jeans might meet the goal of full employment but limits consumer's

In free enterprise capitalism, competition ensures that producers work to provide

In free enterprise capitalism, what happens when similar business combine?

The wise use of scarce resources and factors of production refers to the economic and social goal of

Who was Adam Smith?

Given the role that government plays in economic affairs, what term best describes the current US economy?

What motivates an entrepreneur to develop and sell a new product?

What might be an opportunity cost of raising the minimum wage?

When the government passes a law prohibiting businesses from creating environmental hazards, it is acting in the role of

What distinguishes capitalism in Japan from Capitalism in the United States?

What are the primary disadvantages of a traditional economy?

What best explains the move of the U.S. from a predominantly capitalistic market to a mixed economy in the 1930s?

What is the government's primary purpose in its role as a regulator?

A production possibilities curve diagrams all possible combinations of goods and services an economy can produce when

In a command economy, who makes decisions about What to produce, How to produce, and For Whom to produce?

an economy in which sellers and buyers decide What to Produce, How to Produce, and For Whom to produce is called a

Private property rights give people the incentive to do all of the following except what?

A consumer's opportunity cost differs from a business's opportunity cost in that it is associated with

The two broad groups of people whose choices drive the economy are

People living in a traditional economy make decisions about the use of scarce resources by

Nations with communist and social economic systems transition to capitalism to

What term describes a society in which the majority of economic choices are made without government interference?

What term describes the difference in value between the best option and the next best alternative that was not chosen

What three basic economic questions must all societies answer

What does the gross domestic product measure?

In the U.S. form of free enterprise capitalism, the federal government places some regulations on business to

What adjustment might workers at a government-owned factory have to make as their country transitions to capitalism?

Who was Karl Marx

Chile's successful transition to capitalism can be attributed to

How do consumers benefit from an entrepreneur's success?

Economists measure economic growth by examining

How does economic freeedom support personal liberty?

How does a mixed economy cover the costs of social benefits such as free education and medical care?

Which example illustrates the ability of a market economy to adapt to change?

Economics is the study of how people try to satisfy their wants and needs through careful use of

the relationship between markets can best be described as

the term consumer sovereignty suggests that the people who rule the marketplace are the

Why are democratic countries especially likely to have mixed market economies?

Sweden offers it citizens a mix of high-tech capitalism and

As a mixed socialism nation, China has features of several systems, including a traditional economy, which is found in

In the United States, consumer spending influences what type of economic decision?

The government program that provides disability and retirement benefits for most workers is called

What explains the transition to capitalism for the countries of eastern Europe?

The world's last leading example of a command economy is

What question should you answer to determine whether a nation has a mixed economy?

What two characteristics must an item possess to have monetary value?

Changes made to the economic system to resolve conflicting goals tend to reflect the will of American

Why are entrepreneurs important in a free enterprise economy?

Why is economics considered a dynamic science?

When a business hires someone to run the cash register, that person and the business owner are participating in the

What was the purpose of the consumerism movement that started in the 1960s?

Examples of idle resources include

One of the disadvantages of a command economy is minimal regard for individual initiative as exemplified by

How is spending money in the marketplace similar to voting for political candidates?

What term describes an economic system in which private citizens use the factors of production for economic grain

Why did China switch to a mixed economy from a command economy after Mao Zedong's death in 1976?

What are the effects of specialization

Government intervention is typically needed to meet the shard goal of