In the market for goods and services, _____________ supply the goods and services.

Group of answer choices

households

governments

firms

assembly lines

Specialization occurs when

Group of answer choices

workers multitask

workers do many different tasks

workers constantly change tasks

workers do the same task repeatedly

In a command economy, economic decision-making is

Group of answer choices

made by private owners

centralized

decentralized

guided by the Invisible Hand

The Invisible Hand describes how society reaches the most efficient outcome when consumers and producers are lead by

Group of answer choices

corruption

the government

self-interest

greed

Regulations are necessary because

Group of answer choices

government is inefficient

market failures do not exist in a market economy

market failures can occur in a market economy

government is efficient

A key feature of a market economy is

Group of answer choices

government ownership

centralized decision making

military ownership

private ownership

In the labor market, _______________ supply labor.

Group of answer choices

governments

banks

households

firms

Economies of scale occurs when the average cost of producing a good ________________ as the level of production increases.

Group of answer choices

decreases

equals zero

increases

stays the same

Economics is the study of how humans allocate _____________ resources

Group of answer choices

abundant

scarce

zero

unlimited

When the production of a good or service is divided into separate smaller tasks performed by different people, this is called

Group of answer choices

automation

economies of scale

division of labor

specialization