Introduction to Economics-VandenHouten

A cashier, a waiter, construction worker, and a doctor are examples of which factor?

The economic system where a central authority decides everything is called:

What is the second choice in your decision making process called?

The fundamental problem that every society and individual faces is.....

An economic system that is mostly a market economy but the government oversees it.

Which of the following is not a one of the needs we have?

When you add up the fixed costs and the variable costs you get?

This economic system where individuals, prices, and consumers will answer the 3 questions.

Costs that change as a company increases and decreases production.

This factor of production deals with the tools that make the goods, like a hammer and nails.

Scarcity is the competition between what two things?

Rent and Insurance are examples of what type costs?

Which of the following is not one of the 3 economic questions

Which of the following is NOT a want?

After all of the bills have been paid, this is what is left over. Revenue-total costs=???

Fish in the ocean, a tree in the forest and gold in a mine are examples of which factor?

The economic system that is based on custom or habit is called: