Basics of Economics

Where is the point of inefficiency? 

Which involves making economic choices based on customs?

The human time, effort, and talent that go into making of products is called 

The ability to decide for yourself which legal agreements you will enter into is called 

 Which of the following nations has a command economy?

Goods and services provided by the government and consumed by the public as a group

Any point outside the curve of a PPC represents a goal that is 

The foundation of market economies 

Means “leave things alone” or a hands-off approach

The process of changing from government ownership to private ownership is called 

Which is based mainly on individual choice?

Where is the point of impossibility?

Producers help allocate scarce resources by seeking opportunities to 

The idea that consumers are free to buy what they want

Where is the point of efficiency?

PPC is an acronym for 

The ongoing tensions of not having enough resources to meet human wants is called 

A need is fulfilled by

 Study of the behavior of the economy as a whole 

The process of changing from private ownership to government ownership is called 

The value of what you give up by choosing one alternative over another is called 

Market for factors of production 

Study of the behavior of individuals in an economy

Government payment that helps cover the cost of an economic activity considered to be in the public interest.

In a circular flow model, the arrows between government and businesses show the flow of 

Market for goods and services