Economic Principles and Decisions (SOL Review)

The using of goods and services.

A legally-binding agreement.

Labor that goes into making something or providing a service is which resource?

Changes in technology influence all of the following needed in the workforce EXCEPT?

What determines what is consumed?

In a mixed economy, who is the owner and decision maker for the public sector?

The value of what is given up when a choice is made.

Career planning starts with ---.

In a traditional economy, what type of work do people perform?

People who work to improve themselves have the potential to do all of the following EXCEPT?

Which economic system has minimal government involvement in the economy?

A plan for how we spend our money is called a ---.

This economic system has government involvement greater than free market but less than command.

Employers want employees who will do all of the following EXCEPT?

The inability to satisfy all needs and wants at the same time.

Which is NOT a characteristic of a free market economy?

Which is NOT one of the most important words in economics?

All of the following affect job income EXCEPT?

Touchable things we get to satisfy our wants and needs.

These resources come from nature.

The selection of an item or action from a set of possible alternatives.

Which is NOT a characteristic of a command economy?

Will you pass this test?

Formal education

The combining of resources to make goods or provide services.

The factors of production that are used in the production of goods and services?

New ideas that people bring to the marketplace are called ____ resources.

Protection against a negative event is called ---.

Inability to satisfy all wants at the same time.

Formal promise that certain conditions will be met.

In a mixed economy, who are the owners and decision makers for the private sector?

The fact that all resources and good are scarce requires us to make ---.

Work that is provided by a person for someone else.

Which economic system is the most commonly used in the world today?

Anything that is produced & then used to produce something else is which resource?

Which is NOT a basic question of economics?

When we commit money in order to gain a financial return, we are ---.

Company's promise to repair or replace a product if it breaks.

Informal education

What determines what is produced?

The ability to obtain goods & services now in return for a promise to pay at some later date.

Which economic system is known for central ownership (the govt.) of property/resources?

In which economic system are decisions based on custom and historical precedent?

When people have the freedom to buy what they want.

Amount of money exchanged for a good and service.