What is the image an example of?
What is the image an example of?
Move the words in the column on the left to match the term to its correct definition.
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Shortage | arrow_right_alt | Behavior and decision making by small units such as individuals and firms |
Trade-off | arrow_right_alt | Behavior and decision making by large units such as governments; the economy as a whole |
Opportunity cost | arrow_right_alt | The option you gave up |
Microeconomics | arrow_right_alt | The value of the option you gave up |
Macroeconomics | arrow_right_alt | When a resource is near extinction |
Scarcity | arrow_right_alt | When a resource is temporarily unavailable |
Land, labor, capital, and entrepreneurship are also known in economics as...
What is the image an example of?
What is this image an example of?
Move the words in the column on the left to match the type of economic system to its correct description.
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Market economy | arrow_right_alt | The factors of production are controlled by the government and production decisions are made by the government |
Mixed economy | arrow_right_alt | The factors of production are owned by indivduals and production decisions are determined by the laws of supply and demand |
Command economy | arrow_right_alt | The economy relies on customs, history, and time-honored beliefs. |
Traditional economy | arrow_right_alt | It protects private property, follows the laws of supply and demand, and allows government intervention for consumer protection |
What is the other term that is used to describe a command economy?
What is the diagram in this image called in economics? Type your answer below.
What is the economic idea that Adam Smith is describing in the passage below?
Move the words in the column on the left to match its correct definition.
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
TINSTAAFL | arrow_right_alt | Little private property, almost all factors of production are owned and controlled by the state; redistribution of wealth |
Absolute advantage | arrow_right_alt | The central government owns and controls all resources and means of production and makes all economic decisions |
Comparative advantage | arrow_right_alt | There is no such thing as a free lunch because someone pays for it at some point |
Socialism | arrow_right_alt | It is the ability to produce goods more efficiently than anyone else |
Specialization | arrow_right_alt | It is the ability to produce goods at a lower cost than anyone else |
Communism | arrow_right_alt | When an economy focuses on the goods/services which it is most suited to produce |
What do economists use to make economic predictions about the real world?