6 Questions
What does the word 'nemein' in the root of economics stand for?
to manage
What is the relationship depicted by the Phillips curve?
Inflation rate and unemployment rate
What is the term for the ability of an individual to own and exercise control over scarce resources?
Property rights
What is the term for something that induces a person to act?
Incentive
What is the term for the ability of a single economic actor to have a substantial influence on market prices?
Market power
What is the term for the ability to produce a good at a lower opportunity cost than another producer?
Comparative advantage
Test your understanding of fundamental economics concepts, including terminology, graphs, and definitions. This quiz covers the basics of economics, from the root of the word 'economics' to concepts like property rights and incentives.
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