Intro to Economics Unit 1 Review

What are the features of a free enterprise system?

Which of the following are Social Goals of an Economy?

Smith said free markets were the best means to distribute goods, that would be guided by _______.

Positive economics is a way of looking at the world and trying to make it better by public policy.

Which of the following is a factor of production?

The economic model that sees goods and services distributed by producers and consumers is

Marx said that capitalism led to class struggle between

Which of the following is NOT one of the Basic Questions of Economics?

What kind of economic system seeks public control of "the commons" and private control of industry?

Macroeconomics is the study of the distribution of goods and services on a national or global scale.

Who was the founder of communism?

What type of market failure occurs when there are costs passed along to third parties?

The economic model that sees the state (i.e. the government) determines how the 3 Basic Questions get answered is

The economic model that is agricultural or non-industrial that seeks to sustain its population is

What is this model called?

TANSTAAFL is an acronym that best reflects which economic concept?

What determines whether a good is a private good or a public good?

1. What is the fundamental problem of economics?

Who was the founder of capitalism?

What type of a service would this GIF below be?