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Why does the government protect inventors and authors by offering them patents and copyrights?
They allow government to make some economic decisions.
equity
the night out with your friends that you miss because you can’t afford it now
Fewer consumer goods were produced.
Resources are limited.
to promote innovation
scarcity
Customers have the power to decide what gets produced.
What was the trade-off of the Soviet Union’s focus on heavy industry?
They allow government to make some economic decisions.
equity
the night out with your friends that you miss because you can’t afford it now
Fewer consumer goods were produced.
Resources are limited.
to promote innovation
scarcity
Customers have the power to decide what gets produced.
You bought two new CDs with the last $30 in your checking account, and your next payday is on Monday. What is the opportunity cost of these CDs?
They allow government to make some economic decisions.
equity
the night out with your friends that you miss because you can’t afford it now
Fewer consumer goods were produced.
Resources are limited.
to promote innovation
scarcity
Customers have the power to decide what gets produced.
Why do public goods demonstrate the limitations of a free market economy?
They allow government to make some economic decisions.
equity
the night out with your friends that you miss because you can’t afford it now
Fewer consumer goods were produced.
Resources are limited.
to promote innovation
scarcity
Customers have the power to decide what gets produced.
What does the expression “the customer is king” mean in a free market economy?
They allow government to make some economic decisions.
equity
the night out with your friends that you miss because you can’t afford it now
Fewer consumer goods were produced.
Resources are limited.
to promote innovation
scarcity
Customers have the power to decide what gets produced.
A town wants to repair a school in one of its poorest neighborhoods. To pay for it, citizens vote to raise taxes on households and businesses. What social goal best explains this economic decision?
They allow government to make some economic decisions.
equity
the night out with your friends that you miss because you can’t afford it now
Fewer consumer goods were produced.
Resources are limited.
to promote innovation
scarcity
Customers have the power to decide what gets produced.
At many different levels, the existence of _____ forces people to make choices.
They allow government to make some economic decisions.
equity
the night out with your friends that you miss because you can’t afford it now
Fewer consumer goods were produced.
Resources are limited.
to promote innovation
scarcity
Customers have the power to decide what gets produced.
Why does every decision involve trade-offs?
They allow government to make some economic decisions.
equity
the night out with your friends that you miss because you can’t afford it now
Fewer consumer goods were produced.
Resources are limited.
to promote innovation
scarcity
Customers have the power to decide what gets produced.
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Match it!