Unit 1 Economics

Consumers in a free enterprise economy ultimately determine _______ to produce

Manufactured goods needed to produce other goods are called

Paradox of value refers to the

In what type of economy does the g'ment decide whether houses or apartments will be built?

In which of these systems is the g'ment most likely to provide goods and services?

The struggle among sellers to attract consumers is known as

Economics is best defined as the study of how societies deal with

Opportunity cost refers to

Protection from layoffs, illnesses, injuries or disabilites falls under the goal of

The concept of voluntary exchange means

Which is considered one of the seven major economic and social goals of the United States

Societies are faced with which three basic questions about production of goods?

______ protect consumers against harm from products on the parket

Actions in part of the country/world that have an economic impact on what happens elsewhere is

Which of the following is a disadvantage of a market economy?

Which of the following would result in a change in the ppf in the mythical country of Alpha?

The four factors of production are land, labor, capital, and

what gives people and businesses the opportunity to make their own decisions?

Which statement describes a disadvantage of a command economy?

The economic system of the US is considered a

When a nation's total output increases over time, the nation is experiencing