Econ Unit 1 Review

What is "Entrepreneurship" in Economics?

What is "Capital" in Economics?

What is another name for a Free Enterprise system?

What is Marginal Benefit?

Which of the following are advantages of a Command Economy?

What's the term for government programs designed to protect people from economic hardship?

What's the term for goods/services provided by gov't and consumed by the public as a group?

What Market Economy Characteristic is about the freedom to trade or not as a buyer or a seller?

Which kind of basic economic system involves making economic choices based upon customs?

What are the 3 Basic Economic Questions?

What's the term for a side effect of an economic transaction that affects a 3rd party?

What is the most common economic system? The USA is one of these.

What is the process of changing from private ownership to government ownership?

What Market Economy Characteristic is about the focus of individuals in certain areas?

Who wrote an economic study called Das Capital and considered the father of modern communism?

What is the process of changing from government ownership to private ownership?

Which of the following are advantages of the Traditional Economic System?

What is Profit?

What does "TANSTAAFL" stand for?

What does "laissez faire" mean?

In what system are workers employed by private business OR the government?

Which kind of basic economic system involves the government making most economic decisions?

What is the effort of 2+ independent actors offering the best deal in order to get business?

What is another term for a Command Economy?

What is the definition of a "Want?"

What Market Economy Characteristic is about people's choices of which products get produced?

What is Marginal Cost?

What is the basic economic problem?

Select ALL of the following options that are a basic type of Economic System

Which of the following is NOT a Factor of Production?

What Market Economy Characteristic is about protection of people's goods?

Which of the following are disadvantages of the Traditional Economic System?

What is the definition of a "Need?"

Which of the following are NOT part of the arrow-flow between Government and Businesses

What is a trade-off?

In what system do central planners in the government determine income distribution?

What is "Land" in Economics?

Highways, mass transit, education, and healthcare systems are all examples of what?

In what system does government own ALL resources?

What's the term for government payment that helps cover the cost of an economic activity?

Most people/organizations are motivated by what?

Which kind of basic economic system is based upon individual choice?

What is "Labor" in Economics?

What is an Opportunity Cost?

What does "TANSTAAFL" MEAN?

In what system are basic resources controlled by government and the rest are privately owned?