Unit 1 Fundamentals of Economics Review

Front

This question is NOT a part of the questions all economic systems ask:
why is it should be produced?

Back

why is it should be produced

Front

This economic system is mostly controlled by the government.

Back

Command

Front

Capitalism is most closely associated with which economic system?

Back

Market/Mixed

Front

The concept of supply & demand is most closely associated with which economic system?

Back

Market/mixed

Front

The potential benefits that an individual, investor, or business misses out on when choosing one alternative over another. This is the definition of ...

Back

opportunity cost

Front

Laissez faire (as little government involvement as possible) economics is most associated with which type of economy? Options: Market/mixed, Command, Communist, Traditional

Back

Market/mixed

Front

Every economy deals with the issue of

Back

scarcity

Front

A balance achieved between two desirable but incompatible features; a compromise....is called

Back

trade-off

Front

A system of money in general use in a particular country.

Back

currency

Front

The branch of knowledge concerned with the production, consumption, and transfer of wealth.

Back

economics