Economics Final Review

Front

What are the four main factors of production?

Back

Land, labor, capital, and entrepreneurship

Front

What concept represents unlimited wants and limited resources and is the basis of Economics?

Back

Scarcity

Front

A free market structure is often based around which of the following concepts?
Private property and slavery,
Equal taxation for all,
Private property and voluntary exchange,
Voluntary exchange and open elections

Back

Private property and voluntary exchange

Front

Which type of economic structure provides some government intervention but also allows for some individual freedom?

Back

Mixed

Front

What is the main incentive for those entering into a free market structure?

Back

Profit

Front

Which economic philosopher was the first to advocate for a purely free market system?

Back

Adam Smith

Front

In which direction does a supply curve generally go?

Back

Up

Front

In which direction does a demand curve generally go?

Back

Down

Front

Which of the choices below describes equilibrium?
The intersection of demand and supply, The creation of surplus, Any point under the line of efficiency, The intersection of a shortage and voter freedom

Back

The intersection of demand and supply

Front

If good X and good Y are complements, what could be a consequence for good Y if there is a price increase on good X?

Back

Demand would decrease