Economics Review Game MRC

________________ is a very well tested and widely accepted theory.

• scientific method

• economic principle

What is the basic principle of economics?

• scientific method

• opportunity cost

• land, labor, capital, and entrepreneurship

• scarcity

"Laissez-faire" translates to...

• "Let it go"

• "Let it be"

• "Leave it be"

• "Leave it"

What do economists rely on?

• Marginal Cost or Marginal Benefit

• Land, labor, Capital,and Management

• Scientific Method

• Resources

What are the Factors of Production?

• Land, Labor, Capital, and Entrepreneurship

• Positive and Normative Economics

• Microeconomics and Macroeconomics

• Marginal Cost and Benefits

Communism and Socialism goes along with which economic system?

• The Market System

• The Command System

What is the economic term for; goods used to produce other goods

• Services

• Income

• Management

• Capital

Which of these is NOT a characteristic of capitalism?

• Role of Self- Interest

• Limited Government

• Competition

• Specialization

Which is NOT a Determinant of Supply?

• Prices of Related Goods

• Taxes and Subsidies

• Number of Sellers

• Production Technique

What is the economic term for when production is separated into parts?

• Seperation

• Division

• Specialization

• Competition