Unit 1: Fundamentals of Economics

Who answers the 3 key economic question in a Command Economy

All modern countries have a "mix" of these two economic systems

Land, Labor and Capital are known as the

All public goods are paid with

A major benefit to technology is

What is the most common economic system found throughout the world

Cost added by producing one additional unit of a product or service

A person who starts and takes on the risk of a business

Which one is NOT a principle of Free Enterprise

Rational Decisions happen when the ____________ _____________ of an action are great or equal to the marginal cost.

All services or assistance provided by the government to those in need are

Human Capital is

Most desirable alternative given up as a result of a decision

Which of the following is an example of a public good

The "invisible hand" consists of

A contraction that lasts for two quarters (six months) is called a

Decision Grids are useful because they help us

Role of government in the U.S. economy is to

In economics, Households can be best described as

What types of goods is government most likely to provide