Unit 1 Economy

Which of the following is a synonym for capitalism?

Opportunity cost is always the specific amount given up.

Which of the following is the best example of capital?

Which of the following is an example of entrepreneurship?

What 3rd type of sector is sometimes included in a circular flow model?

What are two types of markets in a circular flow model?

What is it called when there is a point inside of a production possibilities frontier?

Limited resources and unlimited needs and wants is an example of what?

In a market economy, who makes the decisions?

Which of the following is one of the basic economic questions all societies must answer?

In a traditional economy, the government answers the 3 basic economic questions?

Which of the following is NOT one of the 4 factors of production?

The circular flow model includes what types of sectors?

Which of the following systems would be characterized as a command economy?