Fundamentals and Economic Systems

Economic freedom allows people to choose who they buy or sell from, a process known as?

People must always prioritize their wants because of what, meaning that resources are limited?

When a good or service is temporarily not available, we refer to it as a?

Tim goes to the movies instead of bowling. What term represents what Tim is giving up?

Free enterprise system is another name for what economic system?

The USA has what type of economic system which has economic freedom with some gov involvement?

What is the term for when a country or business focuses on one task or product?

This picture shows an example of what?

Which is not a factor of production?

Which is NOT one of the three questions all societies must answer?

Which would be an example of capital?

If a country's government controls most businesses, what type of economy does it have?

Which factor of production would an olive tree be considered?

Economics is the study of?

Opportunity cost is a person's ?

In a market economy, who owns the factors of production?

A glass of water is a need but a Dasani water bottle is a?