Basics of Economics Review

The pillar of a market economy that provides the incentive for producers to provide g&s.

Which of the following economic systems center around consumers and producers?

Which of the pillars of a market economy represents consumers owning the factors of production?

What is the foundational element of a market economy, without them the market doesn't exist?

What are opportunity costs?

What is economics

The two essential elements of a market, without them a market doesn't exist.

What is a good?

Who is often referred to as the father of economics?

What are the natural resources that are part of the factors of production?

This philosopher who stated that an imbalance of wealth led to political change?

Adam Smith suggested markets work best when people pursue their own self-interests.

The consumers contribute the ______ to the circular flow model of money.

What does laissez faire mean?

What is the best description for the human resources that are used in the production process?

The pillar of a market economy that helps to illustrate the importance of choices for consumers

What is scarcity?

Consumers are paid for the resources that they provide to producers in the form of:

The term that to describe the manager of all of the resources used in the production process?

What are the factors of production?

What is a trade-off?

What was Marx's system of economics that was a transitional system moving toward communism?

How is the profit motive characterized in the circular flow model?

Which of the following economic systems is practiced most often around the world?

What are capital resources?