Giarmo Economics Unit 1 Review

The choice between producing military or consumer goods is called.

The fundamental purpose of the free enterprise system is to

Shortages occur when

Which is NOT an example of capital at a book printing company?

A country's production possibilities will grow if it

Which statement describes a public good?

The government decides which goods and services will be produced in a

Economics is the study of how people

Which economic goals are difficult to achieve in a pure market system?

The doctrine that government should not intervene in the marketplace is called

Entrepreneurs are people who

The resources used to make goods and services are called

The circular flow model shows

Using resources in such a way as to maximize the production of goods and services is called

Markets allow us to

Social Security provides

Scarcity always exists because

The circular flow model of a mixed economy shows

The value of the goods and services produced by an economy is called

The skills and knowledge gained by a worker through education and experience are

The self-regulating nature of the marketplace is called

Each point on the production possibilities curve shows

Giving up one alternative for another is called

The purpose of a production possibilities graph is to

All goods and services we produce are

The idea that everyone can compete in the marketplace is called

Which of the following is an example of a public good

The minimum income needed to support a household is called

In return for supplying the factors of production people receive.