Economics Final Exam

Front

What is the basic economic problem?

Back

Scarcity

Front

All of the following are the three basic economic questions EXCEPT; What to produce? How will it be produced? For whom will it be produced?

Back

Why to produce?

Front

Land, Labor, Capital and Entrepreneurship are collectively called;

Back

The factors of production

Front

The alternative that you give up when you make an economic choice.

Back

Trade off

Front

The value of the next best alternative or what you give up by choosing one alternative over another.

Back

Opportunity cost

Front

What type of economics is the study of the behavior of individuals, families, and businesses in an economy?

Back

Microeconomics

Front

Who is known as the "Father of modern economics?"

Back

Adam Smith

Front

What type of economic system would families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation?

Back

Traditional

Front

Economic system in which the government decides what goods and services will be produced and how they will be distributed.

Back

Command

Front

Economic system based on individual choice and voluntary exchange to direct economic decisions.

Back

Market