Econ/FinLit U1

The value of the next best alternative use of time, money, or resources when one choice is made rather than another

A vacant lot available for rent/purchase is an example of what if you don't own it

Which economic system has a central authority planning and directing most, if not all, economic decisions?

What is the main problem economists study?

GDP stands for:

Which type of market are productive resources sold on?

In a market system, the acts of consumers acting in their own self interest drives the economy.. this is also called...

Communism, as theorized by Karl Marx, as been only been successfully implemented once in history

Which of these is NOT one of the main questions societies face when deciding what to produce?

Being able to produce a good or service at a lower opportunity cost than a trade partner is called having...

The organized way a society provides for the wants & needs of its citizens is called a(n)

This type of economy is what occured during the Gilded Age of the USA? (Remember the video with Vanderbilt)

Most economies in the world are...

The system characterized by private ownership of the factors of production and private property

This mixed system sees the government control SOME but not ALL the factors of production

Opportunity cost is always calculated by attaching a $ sign to whatever you're giving up

These are the risk-takers that are responsible for most economic growth

The sum of people's skills, abilities, knowledge, health & motivation is called