Scarcity, Opportunity Costs, & Economic Systems

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

In capitalism, ________ keeps prices low!

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

The purpose of government in a command economy is to:

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

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

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

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

An example of a market economy is:

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

These are meant for use by individuals to satisfy a want or need

The resources that are used to create goods and provide services are called

Division of labor or job specialization is practiced because

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

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

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

The 4 factors of production are:

What to _____, How to ______ it, & for Whom to _______ are the 3 basic economic questions.

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

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

All of the following are characteristics of a command economy EXCEPT

The inner arrows represent the flow of _______, while the outer arrows represent the flow of ______.

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

The United States can best be described as having a:

Who ultimately determines the products that a free enterprise economy produces

The concept of voluntary exchange means

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

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

Which point(s) indicate the efficient use of resources?