Unit 1 Economy

Opportunity cost is always the specific amount given up.

Which of the following is the best example of capital?

Which of the following systems would be characterized as a command economy?

In a traditional economy, the government answers the 3 basic economic questions?

In a market economy, who makes the decisions?

What are two types of markets in a circular flow model?

Which of the following is NOT one of the 4 factors of production?

Limited resources and unlimited needs and wants is an example of what?

What is it called when there is a point inside of a production possibilities frontier?

Which of the following is one of the basic economic questions all societies must answer?

Which of the following is a synonym for capitalism?

The circular flow model includes what types of sectors?

Which of the following is an example of entrepreneurship?

What 3rd type of sector is sometimes included in a circular flow model?