Basic Economic Terms

Which of the following lists best describes the Factors of Production:

The accumulation of things that are scarce is known as __________.

Which of the following is NOT a basic problem with scarcity?

Which economic system is controlled almost entirely by the government?

If I were to study how the economy of Stockton severely declined, I would be studying ______.

Desiring something related to a need is known as a ___________.

People who buy and sell freely in a market economy define the term ________.

If I prepared a budget for my family, I would be performing a _________activity.

The value of the best alternative given when making an economic choice is defined as _________.

Scarcity is defined as _____________.

If I were to study how Apple buys and sells property overseas, I would be studying ___________.

If a student gave up his high school education to work at Costco, his opportunity cost would be

The American economy is closest to which economic system.

An economic system controlled by a tribal chief would best be defined as a _____system.

People who have the freedom to make as much money as possible is known as _________.