What is an economic system based on the private ownership of the factors of production (capitalism)?

What is a graph used to illustrate the impact of scarcity on an economy by showing the max number of goods or services that can be produced using limited resources?

What is the way a society uses its scarce resources to satisfy its people's unlimited wants?

What is Hyundai making the decision to sell more cars in China an example of in the factors of production?

What is an increase in tax rates ultimately results in a decrease in total tax revenue in regards to positive or normative economics?

What is a mixed economy, in which some government protections, provisions, and regulations to adjust the free enterprise system?

What is states that as production switches from one product to another, increasingly more resources are needed to increase the production of the second product which causes opportunity cost to rise?

What is the type of economic system in which a family owned business would be a part of?

What is Ford deciding to use humans instead of robots to weld the doors onto their cars an example of in the factors of production?

What is unemployment harms an economy more than inflation in regards to positive or normative economics?

What is an airport built in a neighborhood an example of?

What is a way of describing and explaining what economic behavior ought to be, not what it actually is?

What is the economic system in which the government decides what goods and services will be produced, how they will be produced, and how they will be distributed?

What is is all the resources made and used by people to produce and distribute goods and services?

What is government funded healthcare surges public expenditures in regards to positive or normative economics?

What is walking to work over taking transportation that pollutes the environment an example of?

What is food and water an example of?

What is the economic system in which individual choice is made not influenced by the government?

Labor What is all the human capital (time, effort, and talent) and physical resources (machinery) that go into making of products?

Normative Economics What is the government should make available fundamental healthcare to every citizen in regards to positive or normative economics?

What is the goods and services that are necessary for the smooth functioning of society, such as highways; mass transit; power, water, and sewer systems; education and health care systems; and police and fire protection?

What is the study of behavior of individual players in an economy, such as individuals, families, and businesses ?

What is the principle that the government should not interfere in the economy?

What is the combination of vision, skill, ingenuity, and willingness to take risks that create and run a new business

What is a fall in incomes will lead to a rise in demand for own-label supermarket foods in regards to positive or normative economics?