Econ Unit 1 Review - Basics of Economics

Which of the following is not an example of specialization?

The idea that there are only a limited amount of goods/services available is...?

The 3 factors of production are...

Which of the following is NOT one of the 3 economic questions that must be answered?

All of the following are classified as wants EXCEPT

2 common activities used in a traditional economy are hunting and...?

An example of purchasing a service would be...

' Households' refers to...

The phrase given to deciding to spend $ on military or domestic issues is known as...

The French phrase "laissez-faire" means?

T/F: in a command economy, the government owns all of the land and capital.

When you give up one benefit for another greater benefit is called...?

Command economies/communism are based on the writing of who?

When an entrepreneur covers all expenses and starts making extra money, this is called...?

When firms purchase the factors of production from households, this is called a _______ market.

What is the name for a person deciding how much more or less they are willing to do? Also the decision point

The oldest and simplest type of economy is...?

All of the following could be considered needs EXCEPT...?

When households are buying goods/services from firms, this is called a ________ market.

Firms is another name for who/what in a free market economy?