Basics of Economics and Economic Systems

What is the primary goal of centrally planned economies?

Societies must make economic decisions by asking all the following questions except

Using the same PPC, what does point G represent?

What is the main goal of market economies?

Which type of economy is controlled by the government?

What are some disadvantages of a centrally planned economy?

Buying a sewing machine for the tailor shop is an investment in which factor of production?

Chase has $75 and chooses to buy jeans instead of a hoodie. What is his opportunity cost?

What are some advantages of a free market?

What type of economic system does the U.S. have?

Which broad economic goal is geared towards making the best use of a society's resources?

Term defining limited economic resources combined with unlimited needs & wants.

The invisible hand claims it leads to lower prices & more efficient work methods.

Which of the economies has it's decisions made by private individuals and business owners?

This term refers to buildings and tools used to make goods & services.

Method used by a society to produce & distribute goods & services is a(n)

Which of the following would enable the firm to potentially be able to produce at point G?

The invisible hand refers to individuals making decisions to equitably distribute income.

Which of the following goals is NOT associated with a market economy?

The study of choices that people make to satisfy their needs and wants.

Competition is a feature of

Using the same PPC, what does point F represent?

Which broad economic goal is geared toward allocating resources "fairly & evenly?"

What is meant by laissez-faire?

Using the PPC on the TV monitor, if the firm wants to move from D to B, what is the oppt cost?