Foundations of Economics review

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What are the 5 "factors of production" and give an example of each.
Terms to define: scarcity, economics, wants, market, microeconomics, macroeconomics
Generally speaking, what type of nation uses an "agricultural" economic system?
How does a mercantilist economic system run and when did America operate under that system?
Identify Karl Marx and Adam Smith.
Which economic system goes along with: (a)laissez-faire, (b)invisible hand, (c.)market economy, (d)command economy, (e)supply and demand.
What's the opportunity cost when you decide to buy 3 Big Macs for $10 instead of 15 nuclear-wings for $10?
Draw a simple opportunity cost curve showing battleships and tons of biscuits. Label quantities on the axes. Mark 2 points (A and B). Then identify the opportunity cost of going from A to B. From B to A.
List the 6 characteristics of pure capitalism and give a BRIEF definition.
Give an example of something that might HURT each of the 6 characteristics of pure capitalism.

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