Economics Semester Review

Front

A car is an example of

Back

durable good

Front

Opportunity cost refers to

Back

the value of the next best alternative

Front

Economics is best defined as the study of how societies deal with the problem of scarcity

Back

the problem of scarcity

Front

The economic system of the United States is considered a

Back

free market capitalist economy

Front

Which is a good synonym for the work barter in the term barter economy?

Back

trade

Front

Consumers in a free enterprise economy ultimately determine _____ to produce.

Back

what

Front

Consumers are powerful because they drive decisions about what to produce

Back

they drive decisions about what to produce

Front

What gives people and businesses the opportunity to make their own decisions?

Back

economic freedom

Front

In what kind of economy does the government own all of the factors of production?

Back

communist

Front

Which of the following is a basic characteristic of money? portability, durability, divisibility, all of these

Back

all of these