Fundamentals and Economic Systems

Economic freedom allows people to choose who they buy or sell from, a process known as?

This picture shows an example of what?

Which is not a factor of production?

When a good or service is temporarily not available, we refer to it as a?

People must always prioritize their wants because of what, meaning that resources are limited?

Free enterprise system is another name for what economic system?

In a market economy, who owns the factors of production?

Which factor of production would an olive tree be considered?

What is the term for when a country or business focuses on one task or product?

Which would be an example of capital?

Economics is the study of?

The USA has what type of economic system which has economic freedom with some gov involvement?

Opportunity cost is a person's ?

Which is NOT one of the three questions all societies must answer?

If a country's government controls most businesses, what type of economy does it have?

Tim goes to the movies instead of bowling. What term represents what Tim is giving up?

A glass of water is a need but a Dasani water bottle is a?