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Cards In This Set
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The situation in which some necessities have little value while some non-necessities have a much higher value is known as
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Paradox of value
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Manufactured goods needed to produce other goods and services are called
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Capital goods
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To arrive at an economic decision, a decision-making grid may be used to evaluate
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Alternative choices of action
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Division of labor is a charcteristic of
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Assembly line production
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The study of economics is important because it enables us to
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Become better decision makers
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The dollar value of all final goods and services and the most comprehensive measure of a country's total production output is
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Gross Domestic Product (GDP)
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The Money used to buy the tools and equipment needed for production is known as
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Financial capital
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An example of a market economy is
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The United States
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Which of the following is NOT considered an economic and social goal? economic effeciancy, economic growth, price stability, entrepreneurship
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Entreprenuership
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Which group of people ultimately determines the products that a free enterprise economy produces?
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Consumers
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The United States can best be described as having a
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Modified private enterprise system
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All of the following are characteristic of a command economy EXCEPT: it can change directions drastically in a brief period of time; there is much uncertainty; it is not designed to meet the wants of consumers; it provides workers with few incentives to work hard
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There is much uncertainty
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A market economy
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Does not provide for everyone's basic needs
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The minimum wage is an example of a federal law that supports
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Economic equity
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The concept of voluntary exchange means
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People freely and willingly engage in market transactions
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