EOC Review: Fundamentals

a _____ is a basic requirement for survival

In capitalism, the _____ own the factors of production

The USA has a ______ economy

tools, machinery, and factories are examples of ______

In command economies, the government's role is to ______

A good used to produce another good or service is called a ____________

A durable good will last longer than _____ years with intended use

In a mixed economy, the government's role is to _____

_______ is people, including their skills and abilities

Job A= $50000, 2 wks vacation. Job B = 60000, no vacation. Opportunity cost for choosing Job B?

Alternative choices made in the market place are called

Which is NOT one of the three basic economic questions?

Moving from point B to point A shows _____

Division of labor forces people to ___________in one aspect of a job

a ______ is work performed for someone, like a haircut

a ______ is way of expressing a need (I need food, I _____ pizza)

A ______ illustrates opportunity cost

_____ means not having enough of something

How does the concept of scarcity relate to the Federal budget process?

This shift in the PPF shows economic ______

Opportunity cost can be...

Susan trades her old iPod for Claudia's cell phone. If both products work, we can conclude

Which is NOT an economic goal in the US?

True or False: Voluntary exchange is present in a command economy