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1.
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What are the Factors of production?
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Land, Labor,Capital, Entreprenurship
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2.
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The value of the next best alternative that has to be given up for the action that is chosen is the?
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Opportnuity Cost
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3.
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A companys office buildingd are an example of which factor of production?
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Capital Goods
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4.
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Economists build models for what reason?
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To explain economic behavior
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5.
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What do economists do?
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research, collect and analyze economic data
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6.
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a car used by a messenger service is an example of which factor of production?
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capital
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7.
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all the combo of good and services that can be produced in a given time with a fixed amount of resources are called?
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production possibility curve
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8.
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define entrepreneurship:
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individual starts their own buisness
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9.
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what does adams smith, "invisible hand," represent ?
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using resources efficenitly
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10.
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another term for capitalist system is?
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market system
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11.
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According to Adam Smith, the role of the gov't is to:
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gov't allows people and buisness to make own economic decsions without restraints
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12.
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major charecteristic of a pure market economy is:
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little to no gov't
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13.
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It is easier to start your own buisness in which type of economy?
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market economy
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14.
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the word aquity means?
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attempyto balance an economic policy so that everyone benifits fairly
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15.
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in a capatalist system, most property is owned by whom?
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private individuals
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16.
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which countries still have a command economy?
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north korea and the republic economy
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17.
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describe the laissez-faire economic system:
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the gov't minimizes its interfernce with the economy
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18.
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a promise to repair or replace a faulty product within a certain time is a:
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warranty
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19.
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every purchase decison involves the use of two scarce resources:
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income and time
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