Spring 2013 Economic Quiz Unit 1

Monetary assistance given to a person, group, or business by the government.

An economic system were private ownership does not exist and what, how and for whom is produced is dictated by the government.

In the economic sense, something that is intended to satisfy a want or a need...

An economic system with multiple elements of other economic systems blended into it.

A term that refers to the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else. If your next-best alternative to seeing the movie is reading the book, then the opportunity cost of seeing the movie is the money spent plus the pleasure you forgo by not reading the book....

Government spending that influences the economics environment (especially at a macro-level) through taxes, interest rates, etc...

A term that explains how humans manage endless wants and needs with limited resources

Used to determine the opportunity cost of one or more given scenarios...

A good or service that is produced to satisfy a want or a need...

An economic system in which all business is privately owned, with no government intervention and supply and demand dictates what, how, and for whom is produced...

A good or service a company uses to make other goods or services to sell

The reliance of multiple countries/economic systems on one another and the systemic economic effects that can occur in each system because of the reliance.

A group of individuals who make up the workforce in an industry/economy

A company that has operations in more than one country.

A term to describe the inputs that are used in the creation of goods and services in an attempt to make an economic profit.