Fundamental Economic Concepts

In a capitalist economy the ___________ answer(s) the basic economic questions.

According to the diagram, what do households have that businesses need?

In which economic system are there no public goods or services (education, military, etc.)?

The basic problem that is faced by all countries and all people is known as __________.

What is the opportunity cost of moving from point C to B?

In which type of economic system does the government answer all economic questions?

In a socialist economy the ____________ answer(s) the three basic questions.

Which of the following is a human capital resource a person could use in starting Zaxby's?

Which sentence BEST describes scarcity?

A teenager named Rosa started a pet walking business. She represents which productive resource?

Which economic system is stable and predictable?

Pablo starts a taxi cab business. The cabs represent which productive resource?

According to the diagram, what two things do businesses have that households need?

Which point represents an inefficient use of resources?

What are the three basic economic questions?

When a society invests in education, it improves its _________________.

Sam works as an accountant at Chick-fil-A. Which of the following describes his role?

Households represent......

Businesses and consumers can't survive without one another. This is known as ....

You decide to spend $20 on a football ticket instead of a $20 shirt. The opportunity cost is...