Economic Fundamentals Unit Review

When a company hires workers, they are investing the the resource of

When a worker only completes the one job that they are best at, this is referred to as

Who controls what is produced in a command economy?

Land is considered to be anyting that is a

Command economy social goals include:

When a country is producing at a point on the PPC, they are producing at

Marginal Benefit must be ____________ marginal cost when making a decision.

Consumers have _____ choices in a command economy.

Entrepreneurs start their own business because of the incentive of making a

Government rules and restrictions are referred to as

New technology or New resources would cause the PPC to shift to the

Government's main goals in a mixed economy are to redistribute income, provide __ &  protect __

Who controls what is producted in a Market economy?

By getting more education you your standard of living will be

Captial resources are referred to as

The four factors of production include:

When a country is producing at a point inside the PPC, they are being

Producer rivalry as they attempt to attract customers is called

What is the term used when we refer to the distribution of recources?

To eventually reach a point outside the PPC, a country must invest in finding

Market economy social goals include:

The problem of having limited resources to fill unlimited demands or wants is called

The three fundamental economic questions are

Which type of economy would place the highest importance on private property rights?

New machinery intended to improve productivity is economic growth caused by

We have opportunity costs because of

Land, Water, Trees, Soil, Natural Gas, Iron Ore, etc. are examples of

The Production Possibilities Curve represents

A point outside the PPC is _____ because there are not enough _________ to reach that point.