The basic idea of choice presents which of the problems in economics?

In a free-market society, the answer to the question about how much to produce is determined by

Which of the following represents the capital needed to start a tailoring or garment making business?

Which resource would be considered the factor of production called land?

(Natural Resources)

What is the factor of production called that is responsible for coordinating all other factors of production in order to make goods and services?

Jenny wants to buy a computer and a new television before she leaves for college. She only has enough money to purchase the computer. Which of the following is the opportunity cost of purchasing the computer?

Paying rent instead of purchasing tickets to a concert is an example of

If a point lies on the curve this means the company/country/individual is being efficient. If a point lies inside the curve, what does that tell?

What does point B represent?

What is the abbreviation for PPC?

For markets to work efficiently, _________________ need to be well defined and enforced by law, otherwise trade would break down.

What is a common phrase used in capitalism?

What is a characteristic of a market economy?

Cuba has no shortage of fertile farmland, but the country spends $1.5 billion a year importing about 70 percent of its food.

The communist government's chronic struggle to get farmers to produce more is forcing authorities to grudgingly accept a greater role for market principles and the profit motive.

Now authorities seem willing to go another step further, tolerating the rise of what might be described as Cuba's "free-est" market.

This market, on the edge of Havana, only exists at night, appearing after sundown every day in a muddy vacant lot. Scores of battered, sputtering Chevy farm trucks and ancient Ford tractors arrive loaded with onions, squash, papayas and cabbage. It must be the largest gathering of 50-year-old American farm equipment anywhere on the planet.

The market doesn't have any signs, or even bathrooms, adding to the impression that Cuban authorities haven't quite accepted its permanence. Sales are done in cash under the faint glow of cellphone screens and lanterns. Even the police, who are ubiquitous elsewhere in Cuba, seem absent here.

Wholesale produce markets like this one exist all over Latin America, of course, where farmers can drive to the city and freely sell their crops. But in Cuba, there hasn't been anything like this in a half-century.

—“In Farmers Market, A Free Market Rises In Cuba,” Nick Miroffk, December 07, 2012

www.npr.org (accessed July 24, 2014)

Based on the information in the excerpt, in what way is the economy in Cuba changing —

Which of the following is NOT part of the product market?

Who owns the resources in the Circular Flow Matrix in a free market?

TRUE or FALSE: A store can be in both the Resource Market and the Product Market.

In the public sector, which group "runs" the economy?

Two sector economy consists of:

If a country places a tax on imports of food, which group in the country is most likely to benefit?

A consumers

B farmers

C food importers

D supermarkets

What is a tax paid on imports?

What is a limit on imports?

Goods and services produced in other countries and sold domestically.

Goods and services produced domestically and sold in other countries.

A ban on trade with a country or group of countries, usually for political reasons; a type of trade barrier.

The value of one currency in terms of another.

Which of the following is a form of trade barrier?

The exchange of goods and services between countries is know as?

What is an exchange rate?

A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is

The production possibility curve shows