Basic Economics

Front

What is the driving force of economics?

Back

Scarcity

Front

The decision to do one thing instead of another is a trade off.

Back

True

Front

Food and shelter are wants.

Back

False

Front

The US has which type of economic system?

Back

Mixed

Front

Communist countries or countries with dictators often have mainly which type of economic system?

Back

Command

Front

Capitalist/Market economies can lead to a wide gap between the poor and wealthy.

Back

True

Front

Who is noted as being the "founding father" of capitalism, as seen in his book The Wealth of Nations?

Back

Adam Smith

Front

The Circular Flow model of economies connects...

Back

Households, Businesses, and Government