Foundations of Economics Review

Front

According to Adam Smith, SELF-INTEREST...

Back

pushed businesses to produce good quality products at low prices

Front

Which type of economy has NO government involvement?

Back

free market

Front

SCARCITY is a condition that:

Back

ALL people have to deal with

Front

Name of the economic model that shows how resources, products & money are exchanged in an economy.

Back

circular flow model

Front

What is the difference between a pure FREE MARKET and CAPITALISM?

Back

In capitalism, there is limited government involvement; in free markets, there is no government involvement.

Front

Opportunity cost of using a barrel of crude oil to make gasoline?

Back

value of anything else you could have made besides gasoline

Front

Production Possibilities Graphs...

Back

show alternative ways for an economy to use its resources

Front

What characterizes an efficient economy?

Back

Uses its resources to make the most goods & services

Front

Timber, water, fruits & veggies would be considered...

Back

land

Front

Hammers, computers, phones, buildings, a grill, would all be examples of...

Back

capital