Economics Unit 1: Fundamental Economic Concepts 2020-21

Alternative choices are also called...

Which economic system encourages private ownership of resources and entrepreneurship?

What impact does increased regulation often have on an industry?

Mr. Krabs (owner of The Krusty Krab) would represent

What number should appear in place of the X in the table?

This image represents

What is an opportunity cost?

Which economic system strives to achieve equality above all other goals?

The potential rewards that serve as motivation to an individual are known as

If the benefits of going to college for Tim outweigh the costs then going to college is

Which of the following is NOT an example of a command economy?

The image below represents what economic system?

What does point C represent on the production possibilities frontier?

What is usually the motivation for producers to sell their products at a price consumers can afford?

Both parties in a transaction believe they benefit under

Which economic system is characterized by decisions made by a central authority?

Which of the following is NOT a reason the gov't would get involved in a mixed market economy?

When a society invests in education, they improve their standard of living by increasing

Sponge Bob's spatula represents

What does point X represent on the production possibilities frontier?

What does point Y represent on the production possibilities frontier?

Sponge Bob represents

Which of the following is NOT one 3 basic economic question that societies must answer?

A pure market economy is characterized by?

Which economic concept is illustrated by a PPC?

Another name for the market system is?

All of the following are public transfer payments EXCEPT