Econ Unit 1 Test 2020 REVIEW

If businesses use the internet to find less expensive resources, what will be the impact on productivity?

 In a market economy, why is private ownership an important source of economic prosperity?

The BEST explanation of why there will always be scarcity is because

3rd party other than the consumer or producer of good is hurt (negative) or benefits (positive) from production of good

What is max #of workers the company can hire to max profits while not having marginal costs exceed marginal revenue?

Methods available to societies as they seek to answer the "for whom to produce" question

Subsidize the income of recipients to allow the consumption of necessities (social welfare, unemployment compensation, S

whatever is owned by individuals or businesses rather than by government - protected by copyrights, patents,deeds,titles

goal of individual countries to maintain an upward trend of real Gross Domestic Product (GDP) growth in the long run

 Fairness within the economy

government produced only when theres reason private market is unable 2 provide good/service at a level beneficial societ

ratio/relationship of inputs (something goes into making good/service) to outputs (amount of a good/service produced)

The basic economic condition that exists when unlimited wants exceed limited productive resources is called

How does the presence of entrepreneurs help a country's economy?

When deciding whether to spend an additional hour studying or sleeping, Juan is engaged in what economic activity?

Also known as random selection; gives everyone who wants the good, service, or factor of production equal odds of obtain

taking tax money from one group of individuals or firms and giving it to other individuals

Workers on an assembly line are an example of

What is the opportunity cost of saving money to purchase a car?

See IMAGE BELOW

Investment in education, training, and skill development has been linked to

What generalization can be made according to the information from the USDA on agricultural productivity from 1948 to 200

Goal is to provide for the health and safety of its citizens and businesses

 All of these are found in a command economy EXCEPT

 For a market economy to function well, it is MOST important that laws be passed to protect the right to

Consumer sovereignty assumes that which fundamental statement in a market economy is true?

Read the Image BELOW 1st: What is the MOST likely impact this will have on production?

The ability of consumers, producers,workers make own decisions about consumption,production,distribution goods/services

Which factor of production is LEAST likely labeled in the photo?

Such freedom is found in which type of economic system?

What is the primary purpose of job specialization?

All of these are characteristics of a ___ economy.

What is the desired positive incentive of non-distracted driving?

Making sure increases overall price level goods/services economy is predictable & protects purchasing power of money

On a production possibilities curve, where would a society dealing with unemployment be producing?

Allowing the forces of supply and demand to determine a market price - allows rationing of a resource

What conclusion can be inferred from the text?

 In a mixed market economy, which of these would MOST likely be considered a basic function of government?

The United States government is LEAST LIKELY involved in the nation's economy as a

 If a certain combination of goods and services lies inside the production possibilities curve for an economy, which of