all resources are limited.
We are forced to make choices because
The four factors of production are the resources of land, labor, capital, and
A truck used by a plumber is a type of
The value of the next best alternative that had to be given up to do the action that was chosen is
All the combinations of goods and services that can be produced in a given time with a fixed amount of resources are called
When Adam Smith coined the term "invisible hand", he was referring to
Pure capitalism is also known as
the profit incentive.
The desire to make money that motivates people to produce goods and services is called
Which country best follows the ideas of Adam Smith?
China, North Korea, Cuba or Singapore.
producing goods and services in better and faster ways.
Productivity refers to
a great deal of freedom.
A strength of a market economy gives producers and consumers
Today most economic systems are: traditional, command, mixed or capitalist.
allow people to make choices.
The goal of economic freedom is to
Unemployment compensation helps provide economic
Since the founding of the U.S., the role of government in the economy has
the role of government in regulating economic activities.
Zoning regulations are an example of
When analyzing an economic problem, economists do not consider
individual gain and social equity.
A free enterprise system involves trade-offs between
Which of the following is an example of a good? A. a car wash / B. a car / C. a tune-up / D. an oil change
the United States.
The role of government in the economy has increased since the founding of _____.