unit 1 review

Fair distribution of resources in a society

• Equity

• Full employment

• Security

• Sustainability

ability of individuals, households and communities to consistently meet their basic and essential needs sustainably

• Equity

• Security

• Sustainability

• Freedom

the right to control your own property and labor

• Security

• Equity

• Freedom

• Price stability

Meeting current needs without compromising ability to meet future needs

• Equity

• Security

• Full employment

• Sustainability

Central planner

• Command

• Market

• Mixed

• Traditional

Consumer protections

• Command

• Market

• Mixed

• Traditional

Workers are matched to jobs based on their skills

• Command

• Market

• Mixed

• Traditional

Which of the following is an assumption we make when studying a PPC?

• Unlimited resources

• Fixed resources

• Unlimited technology

• Inefficiency

How did Covid shift the United States’ productive capacity?

• Decrease (move PPC inwards)

• Decrease (move PPC inwards)

• No change

• Increase (move PPC inwards)

What would cause a PPC to move inwards?

• Decrease productive capacity

• Economic growth

• Innovation

• More workers entering workforce