Scarcity, Opportunity Costs, & Economic Systems

What is the conversion of state-owned factories and other property to private ownership?

The government’s role in the U.S. free enterprise economy is that it:

These are meant for use by individuals to satisfy a want or need

The concept of voluntary exchange means

Which point(s) indicate the efficient use of resources?

The science of how people satisfy their unlimited wants with scarce resources is known as:

All of the following are characteristics of a command economy EXCEPT

Who ultimately determines the products that a free enterprise economy produces

The resources that are used to create goods and provide services are called

An example of a market economy is:

In capitalism, ________ keeps prices low!

In a traditional economy, people's roles are determined by the _______of their elders/ancestors

Manufactured goods needed to produce other goods & services are called:

The 4 factors of production are:

The purpose of government in a command economy is to:

this is the price paid of the next best alternative when one choice is made rather than another

What to _____, How to ______ it, & for Whom to _______ are the 3 basic economic questions.

The study of ________ helps all of us become more informed citizens & better decision makers

The inner arrows represent the flow of _______, while the outer arrows represent the flow of ______.

The United States can best be described as having a:

Which of the following is a characteristic of a free market economy?

This type of economy has aspects of a free market AND limited gov’t intervention

Which of the 4 factors of production is the starting point of all production?

Division of labor or job specialization is practiced because

The money used to buy the tools & equipment needed for production is known as:

Anything available to a society that is used in an attempt to satisfy unlimited wants is called

Type of economy where the gov't controls the resources and means of production

Name a socialist economy where the government provides social programs & owns productive rss is

Private property, freedom of enterprise/choice, competition, markets & prices are 4 char. of?