Economic Basics & Systems

This economic system provides little for the wants of consumers and job opportunities.

Illustrates number of products able to be produced between two goods in a country at any time

This a measurement of the amount of products made in a certain amount of time.

Economists use this to evaluate the best choice when faced with multiple options or trade offs.

This illustrates the exchange of money and goods between people and markets.

These are people that purchase the economic products available in the economy.

This economic system assigns job roles to people based on past customs.

These are all negative effects of globalization EXCEPT

This will occur every time a decision is made.

This economic system has unequal wealth distribution and more chances of failure.

Which is NOT a basic question that all economies have to answer?

Productivity is increased by division of labor and specialization.

This group uses their "purchasing power" to prevent market failure.

The resources required to produce any product or service in the economy.

Which is NOT another name for a Market Economy?

This is the condition of having unlimited wants versus limited resources

The is where the resources used to make products are sold to businesses.

This is NOT an important characteristic of a Market Economy.

The factor of production that involves tools used to make a product.

Value of products and services are determined by all of the following EXCEPT