Economic Systems

Front

Scarcity is the idea that.

Back

all resources are limited.

Front

Which of the following are aspects of Adam Smith's invisible hand? Options: competition and self-interest, profit motive and economic freedom, competition and contracts, economic equity and security

Back

competition and self-interest

Front

If my government is selling bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.

Back

Command

Front

There are four types of economic systems. Most economies are _____.

Back

Mixed

Front

In this type of economy, a circular flow diagram would have only households and firms.

Back

Market

Front

What is the opportunity cost as output switches from letter A to letter D?

Back

20 Clothing

Front

Why would letter X happen? Options: A loss of resources that is used to make food and clothing., Not using some resources that can be used for both clothing and food., Using resources to produce more clothing rather than food, Gaining additional resources.

Back

Not using some resources that can be used for both clothing and food.

Front

The government has little to no role in the production of goods in this type of economy.

Back

Market

Front

Economics seeks the answer to the basic question of how to deal with ______.

Back

scarcity

Front

"If it is best for me than others will prosper" illustrates which aspect of the American Free Enterprise system?

Back

self-interest