Econ Decision Making/Econ Systems

a person who creates their own business 

Which is a possible allocation method?

The next best choice when making a decision

lasts less than 3 years when used regularly 

Trade without money, commonly used in traditional economies 

What are the factors of production?

The people who make or sell products 

You can hold it or touch it

Which economic system relies on supply and demand?

What are the four basic economic systems?

where factors of production are bought and sold

All other possible choices when making a decision

Intangible commodities  

The diagram that shows the connections between different sectors of the economy

scarcity is defined as ___________ resources in a world of unlimited wants

What is the name of the test product that producers first develop?

True or False: Traditional economies often have a low standard of living. 

natural resources

Lasts 3 years or longer when used regularly 

True or False: Diamonds are scarce.

What occurs when resources such as labor and capital are combined?

which economic systems commonly uses subsistence agriculture?

helps increase motivation

What do economists mean by "there is no such thing as free lunch"

True or False: All allocation methods are equally fair. 

How does a command economy answer the three basic economic questions?

True or False: A TV is an example of a durable good. 

How does a mixed economy answer the three basic economic questions?

Things that are necessary for survival 

helps increase productivity by dividing up the tasks

a person who buys or uses products 

True or False: Economists often say, "there is no such thing as free lunch."

After individuals receive income from a factor market, they spend it in _____________.

intangible acts that benefit another

The decision making model 

How does a market economy answer the three basic economic questions?

What is the most common economic system?

What does PACED stand for?

True or False: Communism and socialism are the same thing. 

producers and consumers decide what three basic economic questions?

Which is an example of a negative incentive?

How does a traditional economy answer the three basic economic questions?

Also known as labor

How do command economies often allocate resources such as food?

Where buyers and sellers come together

Which of the following is an example of a positive incentive?

Also means to distribute 

Choosing to make computers instead of books is deciding which economic question?

Which economic system features government control?

The social science of with how people satisfy seemingly unlimited wants with scarce resources

Buying machines for your business is deciding which economic question?

tools used to produce a good or service 

command economies often use __________ to influence citizens 

tangible products

targeting adults between 35-50 years old is deciding which economic question?