Unit 1: The Basics of Economics

China is this type of economy

What are the four factors of production?

Natural resources found in the earth that are required for a product

Milkmen are an example of...

Rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to produce it for.

America is this type of economy

Cows are an example of...

Which of the following would be the opportunity cost of studying late?

Deciding how much or little of something to do is called...

The United States economy is a mixed economy based on the...

Trivia: The word "Amen" is used in the three major Abrahamic faiths. What does this word mean?

Limited quantities of natural resources to meet unlimited demand.

Opportunity Cost is...

Which of the following is a centrally planned economy?

In which direction would the curve of a production possibilites graph shift if the level of output suddenly increases.

Trivia: What is the highest-grossing media franchise of all time?

Trivia: This scientist was instrumental in the Manhattan project, helping to develop the first atomic bomb.

England is this type of economy

A factory is an example of...

Gasoline is an example of...

Economists use the phrase “guns or butter” to describe the fact that

All the alternatives we give up whenever we choose one course of action over others.

The maximum possible output for an economy.

To improve its standard of living, a nation’s economy must

What is the opportunity cost of producting 60 tons of steel versus 0?

Government makes all decisions about the production and consumption of goods and services

All the work required to create a product.

Trivia: The Great One refers to this NHL Hall of Famer.

When goods or services are not offered at normal prices.

Concentration of the productive efforts of individuals and firms on a limited number of activities.

Which is not one of the three economic questions?

Combining resources and work together to create a product.

Economic decisions are made by individuals and are based on exchange or trade

The doctrine that government generally should not interfere in the marketplace; meaning "hands-off"

Combine tradition and the free market with government intervention to deal with the three economic questions.

Trivia: In Greek Mythology, Cronos eats all of his children except his sixth, who was substituted for a rock.

Which factor of production would Bill Gates, Jeff Bezos, and Elon Musk fall into?

Human-made resources that are used to create more of a product.

Which is not a problem of a centrally planned economy?

What is the other name for a centrally planned economy?