Econ Module 1 - The Basics

The next best alternative given up when making a trade off is

The type of economic system where jobs are done the same as always, produce enough to live

Adam Smith wrote "The Wealth of Nations" and is famous for which theory?

What factor of production would a Master's degree be?

Which factor of production would water fall under?

Type of economic system where the government owns the factors of production & makes decisions

A graph that shows ways a country can use its resources efficiently (guns vs. butter)

Type of economic system with private ownership, specialization of labor, and is capitalistic

Which term means the government should leave things alone?

What is the basic problem in economics?