Basics of Economics & American Free Enterprise

This shows all the possible ways to use an economy's resources

Any point inside the Production Possibilities Frontier shows

Which of the following is an example of a service?

 All the alternative we give up whenever we choose one course of action over another is called a

What feature of Free Enterprise involves rivalries between businesses to gain customers

Production Possibilities Frontier is the line of the PPC (graph) that shows max combos of production.

Social Security, SNAP (food stamps), head start and the federal lunch programs are examples of

The _________________, an income level below that which is needed to support families or households.

What is the study of how people seek to satisfy their needs and wants by making choices?

This is when there is limited quantities (amounts) of resources to meet unlimited wants

This feature of Free Enterprise includes consumers & producers willingly buying and selling goods.

Emergency services (fire fighters, police, etc. . . ), public educators and highways are examples of Private Goods.

Which of the following is NOT a basic factor of production?

Scarcity is the same as shortage.

What is the free rider problem?

The most desirable alternative given up as the result of our decision is called:

Which of the following is NOT part of the government stabilizing the economy.

buyers & sellers can make decisions that benefit them & they don't have to please others, including the government

Macroeconomics looks at decisions of individuals & businesses while Microeconomics is the entire economy.

What is the concept that we have the right to buy & sell as much our property & ban others from using our property

This feature of Free Enterprise includes the desire for profit and improving material well-being

This feature of Free Enterprise, people have the right to choose their jobs & business gets to make their own decisions

True or False. Services are material items that the customers are ready to purchase for a price.