Economics Unit 1

__________ describes the concept that everything we do has a cost and nothing is free.

The government’s role in the U.S. free enterprise economy is that it:

The money used to buy the tools & equipment needed for production is known as:

What, How, & for Whom to ___________ are the 3 basic economic questions.

this is the price paid of the next best alternative when one choice is made rather than another

The study of ________ helps all of us become more informed citizens & better decision makers

this means to distribute or set aside for a particular use.

Which of the following is a characteristic of a free market economy?

Private property, freedom of enterprise/choice, competition, markets & prices are 4/6 char. of?

All of the following are characteristics of a command economy EXCEPT

Who ultimately determines the products that a free enterprise economy produces

The purpose of government in a command economy is to:

Type of economy where the gov't controls the resources and means of production

Anything available to a society that is used in an attempt to satisfy unlimited wants is called

In capitalism, ________ keeps prices low!

The concept of voluntary exchange means:

The alternatives that must be given up when something is chosen rather than another is:

The 4 factors of production are:

To arrive at an economic decision,a decision-making grid may be used to evaluate:

Manufactured goods needed to produce other goods & services are called:

An example of a market economy is:

The United States can best be described as having a:

The study of economics is important because it enables us to:

The science of how people satisfy their unlimited wants with scarce resources is known as: 

This type of economy has aspects of a free market AND limited gov’t intervention 

Name a socialist economy where the government provides social programs & owns productive rss is

What is the conversion of state-owned factories and other property to private ownership?

Which of the 4 factors of production is the starting point of all production?

In a traditional economy, people's roles are determined by the _______of their elders/ancestors