Economics test 1

The analysis of the behavior of individual decision-making units is the definition of

Cuba is what type of a mixed economy

Are able to decide how to spend their incomes

Reffers to the efforts to increase the goods and services

Which is NOT one of the six major economic goals

Which is not an economic actor

Refers to peoples economic well-being

Taiwan is said to have what type of an economy?

What is not a economic system?

Economics is best defined as the study of how people, businesses, governments, and societies

The term used to emphasize that making choices in the face of scarcity involves a cost is

Are free to open new business

The fact that people with higher incomes get to consume more goods and services addresses the ________ question.

Overtime worked by a JCPenney associate is considered ________ and earns ________.

When firms in an economy start producing more computers and fewer televisions, they are answering the ________ question.

What item is not a Economic incentive?

What is Self-interest

Economic Rivalry

Opportunity cost means

Sweden is an Authoritarian Socialism

Goods owned by individuals and businesses rather than the government