Unit 1 Economics Review

The idea that consumers ultimately decide what is produced is called....

Ben Carson's quote about health care suggests he promotes which economic goal

price, majority rule, contests, force, lottery, authority, first-come-first-served etc.

Productivity is the relationship between...

The scarce resources (factors of production) in economics are

Economic goal that promotes protecting individuals from uncertainties and economic hardship

What is Allocation?

Which type of economic system is also known as Capitalism?

Most economies around the world today are examples of...

What is the opportunity cost of going from scenario C to scenario A?

Which of the points on the chart below represents an unattainable scenario?

Every choice made by a person, business, or society involves which of the following?

The benefit gained from adding one additional 'unit'

Economic goal that promotes miximizing production to increase a country's GDP

Economic goal that promotes sustainable growth, predictable prices, and low unempoyment

If the marginal cost is greater than the marginal benefit...

Increases in equipment and technology leads to...

Which method does a free market society use to distribute most goods and services?

In voluntary exchange, both parties are _____ after the exchange

Economic goal that promotes maximizing the quality and quantity of the goods people want most.

Unlimited wants and limited resources...

Who decides what is produced in a Market Economy?

When a organization pulls names randomly from a larger pool to determine who is awarded...

Why do entrepreneurs take risks to start a business?

According to marginal analysis, how much output should this business produce?

Which of the points on the chart below represents an inefficient scenario?

This is an example of a...

What is the opportunity cost of going from scenario A to scenario B?

The discovery of more resources will cause the Production Possibilities Frontier to...

Which of these points represents a possible scenario?

Human Capital is...

Economic goal that promotes people's right to buy and sell what they choose

Economic goal that is most often focused on wealth distribution

Economic decisions are made based on customs and rituals in which type of economic system

A reduction in the available resources will cause the Production Possibilities Frontier to...

Which of the points on the chart below represents an efficient scenario?

Which of the following is the best definition of Scarcity?

Which of the following must occure before scenario E becomes possible?

How are resources allocated in a market econmony?

Advances in production technology will cause the Production Possibilities Frontier to...

Who decides what is produced in a Command Economy?

Marco Rubio's quote about current regulations suggests he promotes which economic goal?