Economics Final Review 3- The Thunderdome

Front

The Factors of production include which of the following? goods, services, products, and capital, land, labor, capital, entrepreneurialism , land, goods, capital, and products, labor, products, utility, and capital

Back

land, labor, capital, entrepreneurialism

Front

In a capitalist system, most property is

Back

private property

Front

The value of the next best alternative that has to be given up for the action that is chosen is the

Back

opportunity cost

Front

What goods and services should be produced, how they should be produced, and who should share in what is produced are three basic questions addressed by

Back

all economies

Front

All the combinations of goods and services that can be produced in a given time with a fixed amount of resources are called

Back

production possibilities

Front

A laissez-faire economic system is one in which

Back

government interference in the economy is minimal

Front

A person who buys a stock for $20 and sells it for $30 has earned $10 in

Back

capital gains

Front

Federal agencies actually decrease competition in an industry by

Back

over regulating

Front

GDP adjusted for price changes

Back

Real GDP

Front

The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group is called

Back

Absolute advantage