Econ Unit 1 (2020)

The usefulness of something

The money used to buy the tools and equipment needed for production is known as

Which of the following is NOT considered an economic and social goal in our free enterprise economy?

Which would NOT be an example of a capital good?

The idea that by being challenged by rivals, companies will innovate and people will benefit

Which economic and social goal would seem to agree with raising the minimum wage to $22/hr?

The founder of economics

Which of the following is the US government's program that provides health insurance for the elderly?

The condition that results from society not having enough resources to produce everything for everyone

The factor of production that includes people with all their efforts, skills, and knowledge.

The pandemic hits China, causing factories to shut down. What economic concept explains us being affected?

While the US is technically a mixed economy, it most closely aligns as a ________ economy.

Which is not a role that government plays in the US economy?

Which is most likely to be a Command economy?

manufactured goods used by businesses to produce other goods and services are called

How did economists solve the paradox of value (why diamonds are more expensive than water)?

Type of economic system primarily associated with the old Soviet Union

Having a division of labor often leads to _______ within a workplace.

Which US state is known for its steel production?

Which of the following is NOT a factor of production?

According to economic theory, what do we call the next best use of your time, money, or resource?

Which would NOT be considered a service

Which US state is known for oil production?

Which group ultimately determines the products that a free enterprise economy produces?

The Wealth of Nations was published in what year?