| A | B |
|---|
| What are the most important Factors of Production? | land, labor, capital, & entrepreneurship |
| What is an amount of something left over when requirements have been met? | surplus |
| What is a state or situation in which something needed cannot be obtained in sufficient amounts? | shortage |
| What type of economic system has a hands-off, laissez-faire approach? | Market Economy |
| What type of economic system is a hybrid that blends some aspects of both planned & mkt. economies? | Mixed Economu |
| What type of economic system has a "hands-on" system, such as socialism or communism..... | Planned Economy or a Command Economy |
| What is an economy where the govt. imposes few or no regulations on buyers & sellers? | Free Mkt. Economy |
| What is an economic system in which private business operates in competition and largely free of state control? | Free Enterprise System |
| What is the measure of the economic value of an employee's skill set? | Human Capital |
| What is used to refer to a point at which the level of profits or benefits gained is less than the amt. of money invested? | Law of Diminishing Returns |
| What is the assignment of different parts of a manufacturing process or task to different people to improve efficiency? | Division of Labor |
| What is used to determine options that provide the best approach to achieve the most benefits in a business? | Cost Benefit Analysis |
| What is a govt. restriction on the prices that can be charged for goods and services in a market? | Price Controls |
| What is the legal maximum price for a good or service? | Price Ceilings |
| What is the legal minimum price for a good or service? | Price Floors |
