Unit 1: Basics of Economics Review

Which of the following is NOT a key feature of the US economy?

When people and societies must work together to achieve all their needs, it is called self-sufficient.

What is one category of Economics?

Economics is...

The model that illustrates the flow of goods, services, and resources in the US economy is known as the...

The combination of limited resources compared to the unlimited wants of consumers.

Focus on one task; generally the one the worker is most skilled at performing.

An economy that is the combination of other types of economy to form a system that works better in a practical sense is

If a society has a lot of privately owned businesses, that economy is most likely practices...

The organizational abilities and risk-taking involved in starting a new business or introducing a new product.

The machines used to mass-produce clothing at a factory are known as...

What does point D represent on the graph?

Resources that can be found on Earth or in the Earth’s atmosphere.

Any human effort exerted during the production of goods or services.

What does point A represent on the graph?

Select which one is NOT a Factor of Production

An economy based on customs and traditions.

Which is NOT a form of Exchange

Assigning a small number of tasks to each worker.

______________ and __________________ generally make economic choices in a society.

Which of the following is NOT a goal of the US economy?

What does point X represent on the graph?

An economy where government officials make all decisions in regard to economic choices is...