Basics of Economics Test

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

Study of the behavior of the economy as a whole

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

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

Which involves having the government make most economic decisions?

A free enterprise system is also known as a

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

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

Study of the behavior of individiuals in an economy

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

A need is fulfilled by

Producers help allocate scarce resources by seeking opportunities to

Which is based mainly on individual choice?

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

The idea that consumers are free to buy what they want

Which of the following nations has a command economy?

Market for goods and services

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

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

Market for factors of production

The foundation of market economies

Means "leave things alone" or a hands-off approach

PPC is an acronym for

Which involes making economic choices based on customs?

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