Fundamentals SSEF1-4 Review

A mixed economy is defined as

The person who organizes the factors of production

Which of the following economic systems encourages competition in business

Which of the following is a possible opportunity cost of buying a new pair of $60 sneakers?

In exchange for Public Goods and Services, Households pay:

Opportunity Cost can be described as

Who answers the 3 basic questions of economic systems in a Traditional system?

Economic systems: In this economic system the government owns some of the means of production and wealth is shared.

The guiding principle behind a free market economy is that -

Public goods include

Which is NOT one of the three basic questions of economic systems?

A market economy has an advantage over a traditional economy in that a market economy

Factors of production that are used in the production of goods and services are ________.

Marginal Analysis is a decision making tool that compares:

Factors of production: Wood

What is the non-monetary opportunity cost of attending college?

Who dictates demand in a free market economy?

the concept of voluntary exchange means

What is the definition of opportunity cost?

Factors of Production (select multiple)

Which of these economic systems have the LEASTin common?

Which is not one of the three decisions economic systems must make?

Public Goods and Services are (select multiple):

factors of production

The US is a mixed economy. This means:

Define trade-off.

Four Factors of Production: Entrepeneurship

Define factors of production.

who dictates supply in a free market economy?

In a free market economy, people can 

This economic systems includes free enterprise with some government control.

Specialization and division of labor usually increases the ____ of workers and businesses. 

Economic systems: In this economic system the government owns all means of production and there is no private property.

Factors of production: Capital

Factors of production: Labor

What is the basic question/problem all economic systems are trying to solve?

Lack of economic growth is a major problem for __________ economic systems.