Econ Unit 1 Review

What are the 4 factors of production?

something that can be expressed with a price is said to have . . . .

any tool, equipment, or machinery made by man and used to aid production is called....

The capacity of a certain good to bring satisfaction to a consumer is called...??

something that is economically useful and satisfies a want is called...

The study of how people make decisions to satisfy their needs and wants is called . . . .

Economically, Food, water, and shelter would be considered...

Most economic systems in the world today are considered _____________ economies.

Freedom of choice in the market is a characteristic of what type of Economic System?

which one of these is an example of how people make better use of their resources?

Which of these is closest to an actual rate of interest you would pay on a Credit Card?

What kind of good is used to create other goods?

The 3 questions that economies and businesses have to answer when they decide to produce are...

What two things combine economically to create a high value?

When land, labor, and capital and entrepreneurship are present, then _________________ can take place.

when we have unlimited wants and limited resources, it forces us to . . . .

peoples efforts, abilities, and skills that aid in production is called...

An economic product in the form of work performed for someone else is called...

Governmental control of the factors of production is characteristic of what economic system?

an innovator or creator of the change in our economic environment is called a/an...

What kind of market is the kind where you could expect to find clothes, jewelry, food etc...?

What is the #1 way you can tell that a government has some degree of socialism?

Command economies are most closely associated with what type of government?

What kind of good is intended for final use by individuals?

Once a person is able to meet their basic needs, they quickly are able to think of what?

These economic systems have the benefit of choice with some government intervention

Market economies are most closely associated with what types of governments?

What is the extra cost for borrowing money from a bank called?

A benefit of this type of economy is that everyone knows their role.

The fundamental economic problem facing all societies and people is

The problem consumers and countries have is that they have _______________ wants.

what is an example of a resource?

What kind of market is where people sell their skills for money?

What is the central feature of the circular flow of economic activity?

resources not created by humans that aid in production are called...