Unit 1 Economics

Competition, individual interest, and private property are all benefits of ....

A good that lasts three years or more when used on a regular basis is a ______________?

Labor becomes more productive when each worker becomes more skilled at a single job called _________________.

An externality the loss of potential gain from other alternatives when one alternative is chosen.

What is economics?

Specialization is the process of concentrating on and becoming expert in a particular subject or skill.

Individuals earn their money, wages, and income from the __________________. 

What are the two forms externalities?

Which statement best distinguishes between negative and positive externalities? 

What is a resource in economics?

What is an example of a negative externality

A risk taker in search of profit is known as a ________?

The basic economic problem is...

Adam Smith wrote "The Wealth of Nations"

In economics, needs and wants are

A benefit, profit, or value of something that must be given up to acquire or achieve something else is called the...

What is an example of a good?

North Korean and Cuba are examples of a traditional economy?

A TV repairman and a tennis coach are examples of a...

Noise and air pollution are examples of a...

Choose the positive externality

The three basic economic concepts are WHAT to produce, HOW to produce, and

Adam Smith

Who coined the term "laissez-faire"?

What is the function of the opportunity cost ?

What is the transaction in which no physical goods are transferred from the seller to the buyer.

Which of the following is an advantage of a market economy?

Which of the following societies are examples of Mixed economies? 

What is a positive externality?

What is an economic system that claims things are accomplish because "that's how they've always done it"?

In economics, a market includes

Land, labor, capital, and entrepreneurs are all different types of opportunity costs?

What is NOT a basic economic question?