Basics of Economics (Fin Lit)

In the Production Possibilities Frontier graph below, the dot labeled "X" is:

Which of the following is NOT one of the 3 fundamental questions of economics?

Elastic products tend to have:

Economics is the study of how societies use limited resources to satisfy their unlimited ________.

In the Production Possibilities Frontier graph below, the dot labeled "Y" is:

A product whose demand changes dramatically with shifts in price is defined as:

Economics can also be described as a study of ____________ and choice.

The government decides to raise taxes on anyone making over $150,000 a year.

Tools, buildings, machinery would be categorized as:

In a _______ economy, the government decides prices and supply and demand.

In a _______ economy, local elders or leaders might decide economic factors for the community.

French's making the decision to make more yellow mustard than dijon mustard.

Skilled individuals in the workplace would be categorized as:

In a _______ economy, both government intervention and supply and demand control market forces.

When a substitute product's price goes up, the other substitute's:

Taking on financial risk in setting up a business might be called:

When a complementary product's demand falls, the other complementary product's:

A product whose demand changes little regardless of price is defined as:

Scarcity is:

In the Production Possibilities Frontier graph below, the dots labeled "A" "B" and "C" are:

Mr. Wiltsee's many varieties of hot sauce in his fridge are an example of ________.