Duplicate of Unit 7A Economics

An action or activity done for a fee

People who buy and use products

Any human effort used in the production process

Which factor of production is labor?

Factory Worker is what type of resource

The inability to satisfy all wants at the same time

When a product goes on clearance, the economic factor most likely causing this is

Iron is what type of resource

Which factor of production is most closely associated with money?

A discount if a form of

Which of the following is NOT a Basic Question of Economic Systems?

What is given up when a choice is made

"People are never satisfied! They always want something!" What economic concept is this?

Which of the following is an example of human need?

THe interaction of Supply and Demand determines

Screw Driver is what type of resource

Lawyer is what type of resource

The amount of a good or service available to consumers

The amount of a good or service consumers are willing to buy

The study of how a society makes a living

Which of the following statement best describes the law of supply and demand?

Selecting an item from a set of alternatives

Oranges are what type of resource

Prices go up when

Sewing Machine is what type of Resource