Econ And Finance Quiz - R.M

Which shows the best example of a CONSUMER:

Which is NOT a factor of production?

A ___ Economy has a limited government involvement in its system

Management of your own earning, spending, and saving.

Opportunity cost is the ____ of a certain good/service/resource.

____ are responsible for the manufacture of goods+services.

What drives producers to change prices and to appeal to customers?

Adam Smith, wrote his book displaying his idea of a free market in "The Communist Manifesto"

Scarcity , along with its unlimited wants and limited resources, lead to what major decisions?

A Producer making a limited supply due to lack of resources is an example of:

Economics is the study of how _______ use limited resources to manage goods + resources.

How is a certain behavior encouraged?

What determines how a good/service should be produced?

What is a factor of a command economy?

Which economic system was inspired and created by Karl Marx?