Fundamental Economic Concepts

In which economic system are there no public goods or services (education, military, etc.)?

In which type of economic system does the government answer all economic questions?

Which of the following is a human capital resource a person could use in starting Zaxby's?

What are the three basic economic questions?

In a socialist economy the ____________ answer(s) the three basic questions.

A teenager named Rosa started a pet walking business. She represents which productive resource?

You decide to spend $20 on a football ticket instead of a $20 shirt. The opportunity cost is...

Businesses and consumers can't survive without one another. This is known as ....

Which sentence BEST describes scarcity?

Which economic system is stable and predictable?

The basic problem that is faced by all countries and all people is known as __________.

Which point represents an inefficient use of resources?

Households represent......

What is the opportunity cost of moving from point C to B?

According to the diagram, what do households have that businesses need?

Pablo starts a taxi cab business. The cabs represent which productive resource?

According to the diagram, what two things do businesses have that households need?

In a capitalist economy the ___________ answer(s) the basic economic questions.

Sam works as an accountant at Chick-fil-A. Which of the following describes his role?

When a society invests in education, it improves its _________________.