CP Econ Unit 1 Flashcards

1

In the circular flow diagram, ____ provide land, labor, capital, and entrepreneurship from which g&s are produced.

2

Which describes physical capital?

3

Which economic system most values the goal of freedom?

4

Which is not an economic system?

5

A point outside the PPF shows inefficiency.

6

Scarcity is infinite and exists due to limited resources.

7

What is something that can be considered scarce?

8

Which economic systems answers the "whom" question with market forces?

9

Which is not one of the three key economic questions?

CP Econ Unit 1