Economics Unit 1 Review

Things are done, "the way they've always been done" in which economic system?

The theories economists use to explain and predict economic behavior is called

The ability of individuals to start new businesses is called

land, labor, capital and entrepreneurship are the

getting information on the types and prices of products available from different stores

individuals make economic decisions in which economic system?

When wants exceed the amount of resources, this happens

money income a person has left to spend on extra after necessities have been bought

the value of the next best thing given up for the choice you made is called

The desire to make a profit is called

The rivalry among producers of similar products is called

The well being of a nation is called

the government controls the factors of production in which economic system?

amount of money originally borrowed in a loan

income remaining for a person to spend or save after all taxes have been paid

promise made by a manufacturer or a seller to repair or replace a product if it is faulty

word, picture, or logo on a product that helps consumers distinguish it from similar products

The study of how people and societies choose to use scarce resources to fulfill their wants is

The money left over after costs of production is called

The United States is an example of a...

amount of money a borrower must pay for the use of someone else's money

Buying your own house, clothes or car is called

manufactured goods used to create other goods and services are called

A person that buys or uses goods and services

general name for a product rather than a specific brand name given by the manufacturer

all natural resources are considered

A combination of a market and command system is which system?

the work people do is called

receiving money to buy goods and services now to buy products in the future

A fair economic policy is called