Econ Unit 1 Review

 Businesses provide goods and services to the Factor Market.

Which point on the graph shows an impossible production for an economy?

Having Unlimited Wants in a world with limited resources is known as what?

Which economic system is the most commonly used in the world today?

What is the value of the next best alternative a person gives up when making a choice?

Which economic system is based on decisions of the government

Which Factor of Production would factory workers fall under?

What is Economics the study of?

T/F: There is no such thing as a free lunch

What is Gross Domestic Product?

What market failure is it when a transaction has an effect on someone not involved

A Producer is a person who makes a good or produces a service

Pollution is an example of...

Which economic system is based on decisions of the producers and consumers

What is the name for the entire list of alternatives given up when making a choice?

How many pure command economies exist in the world today?

Which economic system has little disagreement over goals and roles but is also resistant to change due to customs?

Which economic system has the disadvantage of creating little motivation among workers

 If Faribault decided to build a Chick-Fil-A and the residents benefited from it, it is a positive externality

Which Factor of Production would the head of Nike fall under?

Which of the following is NOT a principle of Free Enterprise System?

Which Factor of Production would factory machines fall under?

What is the name of the system given where companies compete with each other to win customers?

Which is NOT one of the three essential economic questions?

What is it called when a person who does not pay for a good still recieves the benefit

The Government provides public goods and services to households and businesses that are funded by taxes.

Social Security, Welfare, and Unemployment Benefits are examples of what?

Which economic system combines elements of other economic systems

Which of the following would cause a Production Possibilities Curve to shrink?

Which economic system is based on customs, traditions, and beliefs

Which Factor of Production would buses and roads fall under?

What does the US do more of: Exporting or Importing?

True or False: Wants are things necessary for survival

Which point on the graph shows an economy working efficiently?

Which point on the graph shows an economy working inefficiently?

Which economic system requires voluntary exchange and consumer sovereignty to work?

Which Factor of Production would iron ore fall under?

Which is not an example of a public good?

Which Factor of Production would wheat fall under?

Consumer spending flows directly into revenue for businesses.

Which economic system is being described: has the disadvantages of not providing security to those in economic hardship

The Government does NOT interact with the factor or product market.