Basic Economic Concepts

Which of the following are included in the 4 Factors of Production?

A company's office building is an example of which factor of production?

An economic model that shows maximum combinations of goods and services that can be produced with fixed resources.

You can spend $100 on a new economics textbook or a new watch. If you chose the book then what's the opportunity cost?

The primary emphasis in macroeconomics is on:

The value of the next best or most desired alternative is called _____________.

How could the United States economy be characterized?

Human effort directed at producing goods and services for which they are paid refers to which factor of production?

A change in demand is shown on a PPC as a shift of the curve.

Economics is primarily concerned with which of the following?

A previously manufactured good that is used to produce another good or service is considered to be

In which economic system would you be able to start you own business?

A major characteristic of a market economy is

What, how and for whom to produce are three basic questions addressed by

In a pure market system, all citizens would be provided for even if they are too young, too old, or too sick to work.

A production combination at any point along the production possibilities curve is considered __________________________.

If a country is at full employment producing a combinations of goods most desired by society, it's called being...

In the United States, the government does not have regulations promoting product safety or workplace safety.

Lack of competition would be considered a market failure in a market economy.

A point outisde the PPC is said to be _________________.

If there is an increase in physical capital, what happens on the PPC

The study of a single firm and how it determines prices would fall under:

If millions of workers move out of the U.S., what happens to the US. PPC?

Because human wants are unlimited while available resources are limited, people face the problem of ___________

High unemployment is an advantage in a Command Economy

How do you show high unemployment or recession on a PPC?