Economics Chapter 1-3: Basics of Economics

when someones music is keeping you up all night, it would be considered a

What you are missing out on when you make a choice

people who see positive externalities of a good/service without paying for it

you can get more of one good when you give up some of another good

according to the circular flow chart, households sell resources to businesses and are rewarded with money

t or f: if people didnt have to follow the law, free enterprise would most likely fail

A concert would be considered a(n)...

This is an example of a limited resource

This encourages people to make a certain decision using rewards

Someone who seeks out new job opportunities and developments are considered

tasks that you pay other people to perform

which of the following is not one of the 3 main economic questions

Most businesses do not experience opportunity costs.

Which of the following would be considered a capital good?

The Scope of Economics includes all of the following, except:

All of the following are rights of the consumer, except:

Socialism is quickly becoming the most common economic system worldwide

refers to how all income earned in a country is divided among different groups of people

property that can be owned by an individual or company

the production possibilities frontier shows:

All of the following are factors of production, except

condition where our wants are greater than the resources

True of False: Competition exists because of scarcity

Which of the following is an example of a nonexcludable public good.

economic system where the government owns and controls many of the resources

True or False: people typically make decisions based on which option has the most benefits

What is a disadvantage of free enterprise

economic systems where the governments role is small and buyers/sellers make most decisions

All of the following are features of free enterprise, except:

What rationing device do we use in the United States?

based on the flow chart, governments pay taxes to business and receive benefits from houses

What is economics? the study of