Economic Decisions and Systems

The value of the next-best alternative that you did not choose is called

Goods and services are purchased by businesses as well as by individual consumers.

Which of the following would an economist most likely classify as a need?

Buildings, equipment and supplies are what kind of resources?

The means through which goods and services are produced are called ___________________.

___________ are things that you can see and touch.

All of the following is a capital resource EXCEPT

Activities that are consumed at the same time they are produced

Raw materials supplied by nature are called __________?

Which of the following is NOT characteristic of capitalism?

All of the following is a need EXCEPT

Increased consumer spending in a country results in more jobs and a higher standard of living.

All economic resources have a(n) ________________ supply.

Personal economic freedom is most limited in a

An example of a natural resource is

The largest producer of goods and services in the world is ______________?

_________________ are things required in order to live.

What are the three types of economic resources?

Which of the following would an economist most likely classify as a need?

______________ are things that add comfort and pleasure to your life.