What is a need?

Who is the individual that utilizes the goods or services?

A person who purchases a good or service

Land includes...

Capital refers to...

Labor refers to...

Who are the individuals that initiate a new business or introduce a new product to the market?

The opportunity cost is best defined as

An economy that is not maximizing its potential is said to be

A renowned pastry shop has limited ingredients left to prepare their items. They could make cupcakes or brownies, but they can't make both. The pastry chefs decide to make brownies for their customers. What is the opportunity cost of their decision?

In the event of a technological advancement, how would the production possibilities curve change?

Some necessities, such as water, have a very low monetary value and in the other hand some nonnecessities, such as diamonds, have a very high value. This contradiction is called:

The ability of capacity of a good or service to be useful and give satisfaction to someone is called:

The monetary worth of a good of service as determined by the market is called:

John took a loan from a bank to purchase his first home. He bought a 4-bedroom mobile home. John's home is:

Julia is purchasing a coffee bean roasting machine for her cafe. The machine costs $50,000 dollars. In terms of economics, this machine is considered:

In a command economy, the government has no control over the market.

What is an economic system where only the government makes the economic decisions?

What type of economy do most countries in the world have?

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

The government has little to no role in the production of goods in this type of economy.

In which economic system does the government not interfere in business activities?

Based on traditions

Businesses have freedom to produce whatever they think consumers will buy

Avery, Harper, and Arjun are discussing the type of economic system that allows businesses the most freedom. Which type of economic system are they referring to?

Imagine David, Sophia, and Evelyn are playing a game where they simulate running a country. In their game, they've decided to run a command economy. Who would hold power over the economy in this scenario?

What are the fundamental questions of economics?

Which of the following economic systems allows citizens full freedom in choosing a career and workplace?

In a free enterprise system, who has the authority to make economic decisions?

In a Free Market economy, citizens are motivated by _________ to produce quality items efficiently.

This type of economic system often results in the most efficient production of goods that consumers want, produced at the lowest prices and highest quality.

Which type of economy combines elements of both market and command economic models?

Which economic system allows supply and demand to regulate prices and production?

Traditional economies are usually

If my government is providing me healthcare services for free and I have no other options to choose from, I live in a _____ economy. 

The government owns all industries, with total control of production, supply & prices

Supply and demand determines how much an item costs

TRUE or FALSE: The American economy allows individuals to purchase what they want, work where they want, and change jobs when they want. 

Scarlett owns a piece of land, Benjamin has personal property, and Charlotte owns a business. They all have the freedom to do whatever they'd like with their respective properties. What characteristic of an economic system allows them to do so?

What is the impact of competition on consumers?

James, Grace, and Noah are discussing about real-world examples of competition. Which example given by them is a true representation of competition?

John is a farmer in a society where the government decides what crops to grow. What type of economy is this?