Econ Unit 1 Fundamental

Front

In economics, scarcity relates most directly to situations in which manufacturers lack raw materials needed to satisfy demand.

Back

manufacturers lack raw materials needed to satisfy demand

Front

What are land resources?

Back

Soil, mineral deposits, forests and other raw materials

Front

In a free enterprise system, what motivates individuals to start a business?

Back

Desire to earn a profit

Front

What is opportunity cost?

Back

Amount of one product that must be given up to produce one more unit of another product

Front

What is marginal cost?

Back

Extra or additional cost of producing one more unit of a good

Front

When do rational decisions occur in economics?

Back

Marginal benefits of an action equal or exceed the marginal cost.

Front

Which of these is a negative incentive? Earning a paycheck, Gambling winnings, Bonuses, Fines

Back

Fines

Front

How are economic questions answered in a command economy?

Back

By central planners

Front

Competition & free enterprise are most common in which type of economic system? Options: Traditional, Market, Command, Socialist

Back

Market

Front

When governments seeks to protect Americans from adverse economic events such as layoffs & illnesses, it is trying to achieve which economic goal?

Back

Economic security