Duplicate of Duplicate of Economics Chapter 1-2

A third-grade teacher...

Separation of tasks to be preformed by different workers in division of labor.

Every task is done the same way it was the generation before.

A nation's wealth is made up of

A can of soup is an example of a

A ________ is a good that lasts three years or more when used on a regular basis.

In all societies, the government decides what to produce.

Opportunity cost refers to

What is it called when the government is not involved in the economy?

Socialist economies include aspects of both command and free-enterprise systems.

Communist countries like North Korea and Cuba are examples of mixed economies.

People's skills, abilities, health, knowledge, and motivation all add up to entrepreneurship.

Mixed economies work to the degree that they embrace democracy.

People's needs are limited.

Amount of output in a specific amount of time with a given amount of resources is referred to

A _______ is a basic requirement for survival, such as food, clothing, and shelter.

computers used to produce magazine articles...

Economic growth is an increase in a nation's output of goods and services overtime.

A car is an example of a

Societies are faced with which three basic questions about production of goods?

A eleventh-grade teacher is an example of which of the following?

Both goods and services are counted as wealth.

Consumers are powerful because...

There is always some degree of government involvement in a mixed economy.

Which of the following helps determine something's value?

developer of a new smartphone app...

Japan, with an aging population, has the difficulty replacing people with machines.

Mixed economies can evolve when societies with different kinds of economies interact.

Economic growth causes the production possibilities frontier to contract.

Scarcity is an economic problem with which all societies are faced.