Economic

(TCO 1) The general concern of economics is with the study of the 

Optimal use of limited productive resources to satisfy economic wants 

(TCO 1) The term scarcity in economics refers to the fact that
 
No country can produce enough products to satisfy everybody's economic wants 
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TCO 1) James wants to buy a book. The economic perspective suggests that James will buy the book if 

The marginal benefit to the book is greater than its marginal cost 

(TCO 1) Which is not considered to be an economic resource?
           
money 

(TCO 1) A movement along the production possibilities curve would imply that 

society has chosen a different set of outputs. 

(TCO 1) Which statement best describes a command economy? 
The production and allocation of goods and services is determined primarily through government

(TCO 1) The term dollar votes means
 D. Consumers "vote" for certain products to be produced by how they spend their incomes

(TCO 1) In the circular flow model, households
households sell resources to firms. 

TCO 1) Which is a major feature of the market system? 
The right to own private property and control resource use

`(TCO 1) Consider a barter situation where you have pens and you want pencils. To achieve your 

coincidence of wants.