Econ Unit I

Which of the following is a scarce resource?

The type of economic system where people act in their own best interest?

____ are the basic requirements for survival in economic terms?

Refers to the total satisfaction from a good or service?

This is what you collect after 20 years working for the railroad, in the military, or teacher?

These are simply desires of citizens of a society?

Refers to increasing the production of goods and services?

Economics can be defined as the study of how people in society allocate _______resources to people with_____wants/need

When you buy stock, you want to?

What is most true about partnerships?

Benefits offered to encourage people to take certain actions?

Opportunity Cost can be defined as?

Perform mental and physical work:

Which of the following are the four factors of production?

What President implemented regulations on the stock market?

What year did the stock market crash that led the USA into the Great Depression?

A capital good is a good that?

_____ goods are goods that are intended to last longer than three years after production.

Diamonds are very expensive but not necessary for survival but water is necessary for survival but is less valuable.

GDP stands for?

Worked performed for someone is considered?

What is a Dividend?

Adam Smith wrote the ____________?

The innovators responsible for the changes in the economy because of taking a risk:

What does a corporation sell to raise $ for their business?

____ is the fundamental economic problem facing all societies. the problem is how to satisfy wants and needs.

You buy a Corvette to impress others:

Gifts of nature, not man made?

Three basic questions of we ask in economics to produce are?

Any good that does not last for three years when used on a regular basis is called ______

This bond is really risky but can make you some $

This is the largest stock exchange in United States?

What are the four types of economic decision makers?

This is a human skill in starting a business?

Example of a Command Economy?

Every choice involves costs, someone has to pay for it:

A diagram that represents various combinations of goods and services an economy can produce?

In this type of economy system, the central authority makes the decisions?

To Utilize less than fully or below the potential use:

Saudi Arabia raises oil prices and the gas prices rise in the USA?

The driving force that drives people is called?

The process of creating goods and services is called______

The market economy tends to have what type of government?

The economic system in which private citizens own the factors of production?

What is not true about sole proprietorship?

Which of the following is not a requirement for a beginning Entrepreneur?

Tangible commodities are considered?

The federal program in the US that supports those citizens that are retired and disabled?

This is the most popular investment?

I really like my bike but it cost too much so now I can't go to the movies. Example of what?

A good that is intended for final use by a consumer?

Social Security, unemployment insurance, and workmans comp are called?

This investment is used for the 401K Program which is diversified: