unit 1 economics test review

A situation in which people do not have enough resources to satisfy every desire

Economic goals of the American free-enterprise system include

Land, labor, capital, entrepreneurship are

Which of the following is NOT one of the 3 basic economic questions?

Unrestricted competition and freedom of economic decisions are 2 major characteristics of a

A roofing company's trucks are an example of

What is included in the economic concept of land

Some economists add technology to the list of

Competition forces businesses to

Almost all economic systems today are mixed economies

Previously manufactured goods used to make other goods and services are

To an economist, a need is defined as

A free enterprise system allows individuals the right to

In a command economy, economic decisions are made mostly by

Which is NOT shown in the circular flow of income and output?

Activities done for a fee are

The circular flow of income and outcome shows the

A car used by Jimmy John's to deliver is a type of

Why does scarcity exist?

Most property is private property in a

Tangible items that people buy are

Labor includes

Factors of production include which of the following?

What is opportunity cost?

The definition of economics is

Simplified representation that helps predict and explain economic behavior is

A production possibilities curve helps determine

What results from a combination of limited resources and unlimited wants?

Government leaders decide how to use the factors of production in a

Allowing each member of society to make their own financial choices is the goal of