Societies are faced with which three basic questions about production of goods?
What, how, and for whom
A can of soup is an example of a.
Nondurable good
A car is an example of a
Durable good
Which of the factors of production involves taking risks and combining resources to produce a good of service?
Entrepreneurs
When deciding how to use resources, you need to evaluate the cost and benefits of each choice to decide which meets your criteria. These are called
Trade offs
In the mythical country Alpha, an entrepreneur has introduced a new technology that makes manufacturing twice as efficient as before. How is this likely to affect the production possibilities frontier?
It would expand the frontier
Division of labo is practiced because
It increases efficiency by ensuring that workers become good at specific tasks
Which of these is a major advantage of a market economy?
There is a high degree of individual freedom
What kind of economy offers uniformity in wages regardless of individual productivity?
Command and socialist economies
Which of the statements best describes the communist ideal?
A classless society in which everyone works for the common good
Which of these statements is descriptive of a marked economy?
Major economic decisions are made by individuals, not for them
Which country is an example of a capitalist country?
Singapore
Which statement describes why the people in a nation with a command economy might resist a shift to a free market economy?
People who hold political power are threatened by fundamental changes
How does the government operate in a free enterprise economy
It establishes laws and rules to maintain competition
In its role of the American free enterprise system, one of the issues the government must deal with is
Environmental hazards
Consumers can influence the production and sale of goods by
Voting" with their dollars
Inflation causes people to
Work more to pay for basic necessities
The term "the customer is always right" is most often associated with what term?
Consumer sovereignty
What motivates people to work, save, and invest?
Incentives
Give an example that illustrates the concept of opportunity cost.
Someone giving up hanging out with friends to study for a test to get a good grade.
Describe the concept of scarcity?
Unlimited human wants &needs in a world of limited resources
Societies are faced with which three basic questions about production of goods?
What, how, and for whom
A can of soup is an example of a.
Nondurable good
A car is an example of a
Durable good
Which of the factors of production involves taking risks and combining resources to produce a good of service?
Entrepreneurs
When deciding how to use resources, you need to evaluate the cost and benefits of each choice to decide which meets your criteria. These are called
Trade offs
In the mythical country Alpha, an entrepreneur has introduced a new technology that makes manufacturing twice as efficient as before. How is this likely to affect the production possibilities frontier?
It would expand the frontier
Division of labo is practiced because
It increases efficiency by ensuring that workers become good at specific tasks
Which of these is a major advantage of a market economy?
There is a high degree of individual freedom
What kind of economy offers uniformity in wages regardless of individual productivity?
Command and socialist economies
Which of the statements best describes the communist ideal?
A classless society in which everyone works for the common good
Which of these statements is descriptive of a marked economy?
Major economic decisions are made by individuals, not for them
Which country is an example of a capitalist country?
Singapore
Which statement describes why the people in a nation with a command economy might resist a shift to a free market economy?
People who hold political power are threatened by fundamental changes
How does the government operate in a free enterprise economy
It establishes laws and rules to maintain competition
In its role of the American free enterprise system, one of the issues the government must deal with is
Environmental hazards
Consumers can influence the production and sale of goods by
Voting" with their dollars
Inflation causes people to
Work more to pay for basic necessities
The term "the customer is always right" is most often associated with what term?
Consumer sovereignty
What motivates people to work, save, and invest?
Incentives
Give an example that illustrates the concept of opportunity cost.
Someone giving up hanging out with friends to study for a test to get a good grade.
Describe the concept of scarcity?
Unlimited human wants &needs in a world of limited resources