Fundamentals of Economics Review

What is an example of labor?

Jane starts a new cupcake business. Which factor of production does this represent?

Which direction does the production possibilities curve shift when we get new technology?

Which is an investment in human capital?

An assembly line is an example of

You want to contribute to your college savings account, but you spend money on a beach trip. What is the OpCost?

Which of the following is an advantage of a market economy?

Which type of government intervention promotes market competition?

What is opportunity cost?

What is division of labor?

On a production possibilities curve, what does a point of underutilization symbolize?

Which is NOT one of the 3 economic questions

When a country's businesses invest heavily in new capital goods, what is likely to occur?

Which is NOT an allocation strategy?

What is the fundamental Economics Problem?

Bob spends his money on pizza instead of a movie. What is his opportunity cost?

At a Ford Factory, you find a door maker, window maker, and engine maker. This illustrates what economic principle?

A free market depends on

What is it called when the government uses your tax money and gives it in food stamps?

Which economic system is based on ritual and tradition?

The majority of the countries in the world have which type of economic system?

Who answers the economic questions in a command economy?

Why does opportunity cost arise in production?

Which is greater in a rational decision?

What are 2 goals a market economy pursues?