Fundamentals of Economics

What is the economic term for the distribution of resources?

Increased productivity that results from investments in education impacts societies in which of the following ways.

__________ is limited economic resources combined with unlimited wants.

The purchase of an additional pizza oven for a restaurant would be an example of investing in… (SSEF4b)

In which economic system does the government own the means of production?

To persuade workers to work an extra shift, the boss offers time and one half overtime. Which economic concept is this?

Pam has $20 and wants to buy a shirt and pants. She only has enough $ to buy the shirt. What is the opportunity cost?

A large variety of goods and services is characteristic of which type of economic system?

___________________ is the study of choices that people make to satisfy their needs and wants.

Mary leases an apple orchard, renovates her kitchen to produce and bottle the juice. What factor of production is she?

Of the types of economic systems, which one would BEST describe the American economy?

Can only be one valedictorian. Person with the highest GPA is awarded that honor. How is this being allocated?

Common spaces in a college dorm, community gardens, and public parks all have _______ access. (SSEF1b)

In the production of chocolate chip cookies, which represents the factor of capital? (SSEF1c)

Robotic machinery improves car productivity. Now, cars only take 1 day to produce. This growth is caused by what?

Choose two ways to improve production possibilities and shift the PPC curve out. Choose TWO correct answers below.

Which economic system will likely experience high amounts of government regulation & low amounts of private ownership?

Deven chooses to sleep an extra hour instead of going to class. Devin not going to class is an example of _______?

A Subway employee is making bread while another works as cashier is an example of which of the factors of production?

Which of the following is a question that each economic system must ask because of limited resources

A Production Possibilities Curve is a graphic representation of? (SSEF4e)

In the _______type of economy, only the producers and consumers answer the 3 economic questions.

Which economic system is typical of underdeveloped nations?

Producers make goods that consumers like and are willing to pay for is a principle of which economic system?

What would be the impact on the automakers’ production possibilities curve if their economy grew?