American Free Market economy

Question 1

What is the study of economy?

Answer 1

having access to limited resources force individuals to make choices

Question 2

What is scarcity?

Answer 2

which is a lack of resources good serves

Question 3

What does it mean to make a choice?

Answer 3

selecting an item or action from a set of alternatives

Question 4

What is opportunity cost?

Answer 4

what is giving up when a choice is made

Question 5

What are four types of resources?

Answer 5

natural resources, human resources,capital resources, and entrepreneurship resources

Question 6

What is the definition of resources?

Answer 6

are the factors of production, like land, labor or money

Question 7

What is production?

Answer 7

determined by resources consumers want

Question 8

What is consumption?

Answer 8

is when consumers purchase use the good or service

Question 9

What are the 3 economic questions that all countries must answer?

Answer 9

1.What will be produced? 2.How will it be produced? 3.For whom will it be produced?

Question 10

What are the 4 types of economic systems?

Answer 10

traditional economy, free market economy ,mixed economy, command economy.