ECON 1000 Midterm: ECON 1000 Kennesaw State ECON1000 Spring2017 Exam1B Key
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Capitalism is defined as an economic system in which the means of production are privately owned and operated for a profit. The preliminary circular flow diagram illustrates the movement of economic resources (i. e. , factors of production and finished goods/services) between households and firms. The law of supply implies that supply curves should be upward sloping. All output combinations above the ppf are unattainable. One of the principle functions of money is that it serves as a store of value. this role could be described by recognizing that money is an asset that can be used as a means to hold wealth. In the writings of karl marx, the bourgeoisie referred to the _______________ and the. Proletariat referred to the _______________. business owners; working class. Neither a nor b is a normative statement. Recall the results of the economic freedom of the world study discussed in lecture and summarized on page 55 of the textbook.
