PFET: Unit 1, Weeks 1 and 2 Review

Front

Economics is the study of _________________

Back

how individuals and society make decisions about ways to use scarce resources to fulfill wants and needs

Front

Microeconomics is about how individuals make economic decisions

Back

true

Front

Is it true that macroeconomics is the day-to-day decisions that people make every day?

Back

false

Front

"When we are going to produce this product?", is an example of one of the five economic questions.

Back

false

Front

An example of a traditional economy is_______________

Back

Amish society

Front

A command economy is an economy where___________________

Back

the government has total control of the economy

Front

A market economy is when consumer choices determine how industries and financial markets operate

Back

true

Front

An example of a mixed market economy is _______________

Back

United States

Front

Opportunity cost is the value of the next best thing.

Back

true

Front

Cotton cloth is an example of a capital good.

Back

true