SH Economics Basics

The following are the three basic economic questions EXCEPT

All of the following are examples of services EXCEPT

When we have unlimited wants and limited resources, this is called a condition of

Adam Smith believed all of the following EXCEPT

What does "limited resources" mean?

A command economy is also known as

All the following are resources EXCEPT

Opportunity Cost is the choice that you made with your time.

All of the products listed below are wants EXCEPT

An example of specialization would be all of the following EXCEPT

Which word does NOT belong in the group of words?

A mixed economy is a market economy with some government involvement.

A command economy is based tradition. If your father is a farmer, you will be a farmer.

Ms. Smith runs her economics class with a laissez-faire attitude. What can you conclude about her as a teacher?

Consumers are the opposite of

Fill in the blank: Adam Smith said that if people followed their ___________________, the economy would run by itself.

The opposite of productivity is

The condition of scarcity forces us to

Which word does NOT belong in the group of words?

Individuals own the factors of production in a market economy.

Resources and Factors of Production are the same thing.

The opposite of goods are

The definition of "division of labor" is

When the opportunity cost is high, this means a good choice was made.

Scarcity is the condition of