Unit 1 Econ

Are all tradeoffs also opportunity costs?

What could be a downfall to a totally free market (laissez faire)?

Are all opportunity costs also tradeoffs?

The circular flow model describes the flow of

DVD's, iPhones, and Netflix are considered

Why are entrepreneurs important?

Specialization leads to

The purpose of a ppc is to

What might cause the ppf to contract?

Which is an entrepreneur?

What might be a benefit to a command system?

Scarcity is a problem for

The resources needed to produce goods and services are

An economy where the government tells you what to produce

What might be a downfall to a command system?

One of the three economic questions is

North Korea has what kind of economy?

The goal in the circular flow activity was to

command economies are sometimes called

The most desirable alternative given up as a result of a decision is known as the

System in which the use of resources is determined by individuals is called

Is there a cost to even free things?

Profit =

What might some consider a downfall to a market based system

The name given for when wants are greater than resources available

Which would make you a specialized worker?

Many third world countries have what type of economic system?

The factors that together comprise the "invisible hand"

An economic system where decisions are made by consumers and producers with some gov't rules

Which of the following countries heavily favors a market-based mixed economy?

What could cause the ppf to expand?

Oil, trucks, and paper represent

When you decide how much more or less to do you are

profit = price -

The circular flow model shows the relationship between

Which of the following is NOT a factor of production

Economists consider this the fourth factor of production and the most important FOP

In the circular flow model, when you spend a dollar, it

In economic terms, a drought that kills a lot of crops could represent

a production possibilities curve shows

What could be a cause for underutilization ?

a tool used to help individuals, businesses, and governments make decisions

A nail and a hammer are considered