Unit 1 Quiz - Block 3

Who started the classic book "The Wealth of Nations?"

What economy does the U.S. have?

Market perform well in providing most goods and services of every day ________

When people are able to coordinate their production and consumption decision with each other.

What is the paradox of a good government?

Productivity is measured as the quantity of output per unit of input.

A table or graph that shows the full employment of capacity of an economy.

Human capital

When trade is voluntary and non-fraudulent, both parties in the trade what?

What goal is in the economic goals?

Land, labor, capital and entrepreneurship are examples of

Which company in Savannah is ranked in the top 100 Georgia Public Companies by Georgia Trend?

The desire to make money which motivates people to work harder.

Economic development is facilitated by high investment levels in.

Process by which ____ consumers seeking their own happiness or utility will make choices.

What is an example of a traditional economy?

The condition that exists because humans wants exceed available resources.

A technique for deciding whether actions should be taken by comparing benefits is called.

Specialization is the basic trade and interdependence among what.

What is the population measured by?

Productive resources are used to make what?

What effect does specialization have on an economy?

Joshua bought land. Therefore, he could not pay his cell phone bill. This is an example of....