Duplicate of Economics- Unit 1 Review

Any point/combination on the PPC illustrates

Product intended for final use by consumers rather than businesses

In capitalism, the motivation for starting and operating a business is to:

Hammer, copy machine, saw, and factories

Tools, equipment, and factories used in the production of goods and services

The situation of limited resources and unlimited needs and wants creates

Any combination/point below/inside the PPC illustrates

Which of the following examples would shift the PPC upwards- (illustrating economic growth)

Transfer payments include

Free market system where the government has owns major FOPS, but some private ownership exists

In which market are the firms buyers?

Which of the following examples best demonstrates opportunity cost?

Movement along the production PPC illustrates which economic concept?

The act of buyers and sellers freely and willingly engaging in market transactions:

The basic problem in Economics and why people study it is due to

Economic System- based on old customs, basic needs are met, predictable, low standard of living

Economic Goal- fairness, illegal to discriminate based on age, race, sex, or disability

Competition does

Which group of people ultimately determine the products in a free enterprise economy?

Risk taking individuals in search of profits

Which of the following is NOT a basic economic question?

Which of the following economic system has private property?

Economic System- no private property, government answers the three basic economic questions

A combination of goods and services outside/ (above) the PPC illustrates:

oil and water would be an example of which type of FOP

Voluntary exchange allows consumers to choose where they want to spend their money

Karl Marx believed that the people should have equal ownership of the FOPs

Economic System- profit incentive, lots of choices in goods and services, private property

Capitalism is most closely associated with what economic system?

What do economic systems do?

The Factor Payments for CELL are...

The invisible hand of self interest says that businesses will produce quality products at acceptable prices

Market where productive resources are bought and sold

A productive resource that comes from nature, not man-made

In which market are the households sellers?

Which of the following is an investment in labor/human capital?