Mount Unit 1 Test Review

Where on the PPF curve would you be economically efficient

Goods and services are bought and sold in the factor market

The economic philosopher believed no government involvement in the economy was best

Which economic system would the USA be characterized as

What is the purpose of economic systems

Mrs. Denton pays teachers to get their masters. She is trying to improve which of her FOP?

A barbershop buys new chairs and scissors. What factor of production are they investing in?

A company that makes computers and cars wants to get to point Y. How could they get there?

Henry Ford (made Ford Motor Company) is an example of which factor or production?

This is an economic system where roles are passed down through generations

In which economic system does the government make all economic decisions

Mr. Mount opens a factory and hires workers. What is Mr. Mount on the circular flow chart?

Economic philosopher was right in the middle economically and thought govt spending was good

An entrepreneur combines land, labor, and capital to create new ideas and inventions

A mixed economy is an economy where people make decisions but gov is involved in the economy

Which economic system is the circular flow graph representing?

When you make a decision, the one best option that you didn't choose/gave up is called?

The basic economic questions need to be answered by the most developed countries

In a free enterprise system, we expect the gov to protect consumers and promote competition

People choosing what to buy and their careers would fit under which economic goal

Adam Smith would most approve of which economic system

The permanent economic problem is called

Where on this PPF graph would you be inefficient

Which example relates to scarcity?

Cuba and China (some limited freedom) would be an example of which economic system?

Choosing between studying, netflix, getting dinner, and hangin with friends is example of what?