Intro to Economics Quiz

According to the curve, which point is unattainable?

Fair work for fair pay; being paid according to your skill level.

An economist describes a nation as having full employment. Which statement best explains what the they mean?

Which econ. system does the GOV control what to/how to produce it, and who shall receive the goods/services produce?

Points on the Curve: Efficient/ Attainable use of resources.

An item that lasts for fewer than three years when used on a regular basis.

The allocation of scarce resources, and nearly all other economic activity, stems from ritual, habit, or custom.

The one item you gave up or sacrificed to have something else. It was the next best choice.

In a ____________ economy, most jobs are handed down from parent to child.

Points Outside the Curve: Currently unattainable with the available resources.

According to the curve, which point is inefficient?

Which concept is essential to the study of economic systems?

Buyers and sellers determine what is in demand and what to supply.

The United States is considered to have a mixed economy because the economy includes

The basic problem that all economic systems must deal with is the issue of

Laissez-faire practices are most closely associated with a

Study of how people make choices to satisfy their wants and needs through careful use of relatively scarce resources.

Improving upon existing technology in order to improve efficiency.

Condition that results from society not having enough resources to produce all the the things people would like to have.

All points ON the curve are considered attainable.

A tool or good such as machinery or equipment that is used by businesses to produce other products.

Risk takers who introduce new products or services in search of profits are known as entrepreneurs.