Economics Chapter 1 & 2

A command system would answer the econ question "Who Should Produce What" with:

Which of the following systems follows free market principles?

In a command system, the factors of production are owned by:

Scarcity

Smoking is banned in Kaukauna High School. What type of incentive is this?

Which of the following is a component of scarcity?

Opportunity Cost is

Too many tardies gets you a restricted lunch. What type of incentive is this?

The concept of "The Invisible Hand" is best attributed to:

Which of the following is a characteristic of the American economic system?

The study of how people make choices about how to use scarce resources is:

For competition to be efficient and effective in a market or mixed economic system there must:

Which of the following is a factor of production?

A Shortage

A production possibilities curve is used by economist to illustrate which concept?