Edit Game
Economics Unit 1 Review
 Delete

Use commas to add multiple tags

 Private  Unlisted  Public



 Save


Get beautiful free images


Delimiter between question and answer:

Tips:

  • No column headers.
  • Each line maps to a question.
  • If the delimiter is used in a question, the question should be surrounded by double quotes: "My, question","My, answer"
  • The first answer in the multiple choice question must be the correct answer.

 Import questions


Get beautiful free images






 Save   18  Close
A situation in which unlimited wants exceed the limited resources available to fulfill those wants
scarcity
Land, labor, and capital; the three groups of resources that are used to make all goods and services
factors of production
natural resources that are used to make goods and services
land
the effort directed toward producing goods and services
labor
The tools, equipment, machinery, and factories used in the production of goods and services. (be specific)
physical capital
Factor of production that includes knowledge/training (be specific)
human capital
Giving up one thing for another, decision
trade off
best alternative not chosen
opportunity cost
The three economic questions
what, how, and for whom
economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
traditional
economic system where the people and the government answer the economic questions
mixed
An economic system in which the government controls a country's economy.
command
an economic system where the individuals/businesses answer the economic questions
free market
wrote the Wealth of Nations, founder of capitalism
Adam Smith
founder of communism, wrote the Communist Manifesto
Karl Marx
believed in the Free Market price system based entirely on voluntary exchange
Milton Freidman
believed some government regulation would eventually cause entire government control in society
Friedrich Hayek
believed that the government should intervene during down times (depression/recession) in the economy.
believed that the government should intervene during down times (depression/recession) in the economy.


Get beautiful free images

Your experience on this site will be improved by allowing cookies.