Fundamentals and Economic Systems

Economics is the study of?

Opportunity cost is a person's ?

Which is NOT one of the three questions all societies must answer?

Economic freedom allows people to choose who they buy or sell from, a process known as?

People must always prioritize their wants because of what, meaning that resources are limited?

Tim goes to the movies instead of bowling. What term represents what Tim is giving up?

What is the term for when a country or business focuses on one task or product?

Which factor of production would an olive tree be considered?

Which would be an example of capital?

If a country's government controls most businesses, what type of economy does it have?

In a market economy, who owns the factors of production?

The USA has what type of economic system which has economic freedom with some gov involvement?

Free enterprise system is another name for what economic system?

A glass of water is a need but a Dasani water bottle is a?

This picture shows an example of what?

When a good or service is temporarily not available, we refer to it as a?

Which is not a factor of production?