Chapter 1 and 2

In a purely free market economy, who decides if businesses will succeed by voting with their dollars?

What type of economic system would have the government set the minimum wage at $9.00 per hour?

Which economist/philosopher felt the economy would best function without government interference?

Which of the following is NOT a characteristic of a Command Economy?

Which will have the most value?

What do we call it when workers focus on one specific task, becoming experts on it, to increase efficient production?

What does it mean to be economically interdependent?

Which best describes John Keynes feelings on government involvement in the economy?

What is defined as "the amount a manufactured good is sold for"?

What does this model show?

Which is an example of human capital?

Who lived and wrote his most influential work during the American Revolution and also felt gov. can be too burdensome?

What happened during Karl Marx lifetime that influenced his thoughts on capitalism?

What type of economic system do we have in the United States?

What type of economic system sees someone open a gas station in town to increase competition?

What type of economic system is in play when people tip at restaurants like Blackwoods, but not Culvers?

If this country produces 400 computers, how many tons of wheat can it produce?

In order to make money in the short term, a producer's price should be lower than their cost.

Public schools, roads, and healthcare are characteristics of what economic system?

Producing as much as we can with limited inputs achieves what goal?

If this country decides to go from producing 100 computers to 400, what does it give up?

What best describes a traditional economy?

Which statement about entrepreneurship is FALSE?

Which of the following would be a transaction in the FACTOR market?

What goal is society focused on when it provides "fair" opportunity for all?

Producing more value this year than last year achieves which economic goal?

When rockin' and rollin' where does Yoda go strolling?

What is it called when business make products with the intention of them falling apart over time?

What is an example of physical capital?

Consumer tendencies to value which two products would provide an example of the paradox of value?

What best defines opportunity cost?

Which would be a transaction in the PRODUCT market?

What term describes what someone would be willing pay for a good?

While full employment tends to mean the economy is functioning efficiently, why is some unemployment "good"?