Fundamental Economic Concepts
The most fundamental economic problem is
What is scarcity?
In a free market economy, economic activities are guided by...
What are firms and businesses?
An outward shift of the PPF means...
What is economic or business growth?
Macroeconomics focuses on...
What are large-scale or national economic factors like inflation and GDP?
Consumers use goods and services to satisfy their...
What are wants and needs?
A Command Economy is an economy where...
What is all control in the government?
When graphing a PPF, the three points that can be plotted include..
What are efficient, inefficient, and unattainable?
Microeconomics focuses on...
What are individual consumers and businesses?
The four factors of production.
What are capital, land, entrepreneurs, and labor?
A Mixed Economy is an economy where...
An individual is working most efficiently if they...
What is specializing in the activity where they have the comparative advantage?
Scarcity indicates that...
What is the economy has limited resources to meet unlimited wants?
The opportunity cost of going to college is...
What is the total amount of money you could have from working a job?
A Traditional Economy is an economy that is rooted in...
What are culture and values?
The social and political idea that wealth should be evenly distributed through democratic means is called...
What is Socialism?
A difference between a command economy and a free market economy is...
What is that a command economy has government control, while a free market has private control?