Econ Unit 1 (Chapters 1-3)

The ___________system uses the income tax to redistribute income to those less fortunate.

The United States has a __________________ economic system

When making a choice, the next best choice that we sacrifice is known as what?

An economic system in which the government controls and owns most all of the resources

Someone who doesn’t pay for something but still benefits from it

An economy that has some elements of both free enterprise and socialism

Why do businesses compete amongst one another in a free enterprise?

Economist whose ideas were fundamental for free enterprise and advocated self-interest

Property that is sacred in a free enterprise is __________________ property

The most common rationing device in America is ________________

The 5 characteristics of a Free enterprise are, private property, choice, __________, ______________, __________

An example of a public good would be ___________________

In Laissez-faire Economics, the government __________________

Produced goods that can be used for further production are known as __________________

The 4 factors of production are _________________

Unlimited wants but limited resources is known as ______________________

What are the benefits the consumers gain through this competition between businesses?

An economic system in which private business operates in competition and largely free of state control.

Who lead the Bolsheviks in revolution in Russia?

Which of the following is NOT a welfare program?

An economic system in which individuals own most all resources and business.

Wealth is distributed unequally in a __________ economy

The total value of all final goods and services produced in a particular economy

What point cannot be reached on the PPF chart?

_____________________ is the study of the "big picture" of the entire economy

A beneficial side effect of an action that is felt by others is a ______________________

In a market economy _______________ own the majority of businesses

Person who has a special talent for searching out and taking advantage of new opportunities

In a centrally planned economy wealth is distributed _____________