Unit 1: Fundamental Economic Concepts - Boyt

Which economic system is characterized by decisions made by a central authority?

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What is the main problem in economics?

What does point Y represent on the production possibilities frontier?

Both parties in a transaction believe they benefit under

The potential rewards, such as profit, that are motivation to an individual are known as

If the benefits of going to college for Tim outweigh the costs then going to college is

Alternative choices are considered as?

Shared benefits from the government while at the same time has resources privately owned?

The image below represents what economic system?

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What number should appear in place of the Y in the table?

The FCC, OSHA, EPA & SEC are all public ___ agencies that provide for public safety and equity.

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Another name for the market system is?

When a society invests in education, it improves it standard of living by improving its

This is the economic goal based on fairness

Which economic system encourages private ownership of resources and entrepreneurship?

Which economic system emphasizes security, stability, equity, and public goods?

Which of the following is NOT a reason the gov't would get involved in a mixed market economy?

Supply & Demand determine Price and What, How & For Whom to produce.

List from MOST to LEAST competitive:

What does point C represent on the production possibilities frontier?

Which of the following is not an example of a command economy?

Which of the following may be considered a disadvantage of a Sole Proprietorship?

What does point X represent on the production possibilities frontier?

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All of the following are public transfer payments EXCEPT

A market economy is characterized by?

Which economic concept is illustrated by a PPC?

Which of the following is NOT one 3 basic economic question that societies must answer?

According the the Circular Flow of Economic Activity where would a person's paycheck belong?

What impact does deregulation usually have on industries?

According the the Circular Flow of Economic Activity where would "business revenue" belong?

Which of the following may be considered an advantage of a Corporation?

What are the three major economic ACTORS (not factors) in the U.S. economy?

What is an opportunity cost?

What is the motivation for producers to sell their products at a price consumers can afford?

This market structure has many firms, and slightly differentiated products.

According the the Circular Flow of Economic Activity where would "pay for resources" belong?