ECON110_StudyGuideTest1 - Economics Test Multiple Choice and 2 Short Answers Central Problem of Economics-scarcity Comparing free enterprise and planned

ECON110_StudyGuideTest1 - Economics Test Multiple Choice...

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Economics Test- Multiple Choice and 2 Short Answers Central Problem of Economics -scarcity Comparing free enterprise and planned economy systems - Free Enterprise - Business governed by the laws of supply and demand, not restrained by government interfering, regulation or subsidy - Planned Economy System -economy system in which the state directs the economy, central government controls industry such that it makes major decisions regarding the production and distribution of goods and services. Scarcity - Lack of enough stuff to satisfy all of our wants and desires Opportunity costs -The most desired goods and services that are forgone in order to obtain something else Ex. if you go spend 20$ for movie tickets, then that’s 20$ u can’t use for clothes Capital -Capital, used in two terms $ and as equipment, is there new tech.? How much? Entrepreneurship -Entrepreneurship, how smart are we? What smart investments have we made? Is this the smartest industry to be in? Find a way to make the big business a bigger profit.
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