Econ Final Practice Part 1

What is the term for not being able to have all you want due to limited resources?

• Opportunity Cost

• Market Economy

• Microeconomics

• Scarcity

Which of the following includes Land, Labor, Capital, and Entrepreneur?

• Opportunity Cost

• Factors of Production

• Microeconomics

• Market Economy

What is the economic system that has a great variety of products and choices?

• Command Economy

• Market Economy

• Traditional Economy

• Product Market

What is the market where factors of production are exchanged?

• Product Market

• Factor Market

• Command Economy

• Traditional Economy

What is the market where finished goods are sold?

• Product Market

• Factor Market

• Command Economy

• Traditional Economy

Which economy is where the government controls all productive resources?

• Market Economy

• Command Economy

• Traditional Economy

• Product Market

What is given up when a choice is made?

• Opportunity Cost

• Factors of Production

• Microeconomics

• Scarcity

Which economy distributes goods and services based on historical patterns?

• Market Economy

• Command Economy

• Traditional Economy

• Product Market

What is the study of the behavior of small business and individuals?

• Opportunity Cost

• Microeconomics

• Macroeconomics

• Scarcity

Who is known as the Father of Capitalism and the proponent of the "invisible hand theory"?

• Karl Marx

• Adam Smith

• John Maynard Keynes

• Milton Friedman