Unit 1 Economics Review

having unlimited wants and limited resources

ambitious leaders that combine factors of production to create goods and services

Which of these statements is descriptive of a market economy?

any effort a person devotes to a task for which he or she is paid

goods bought and used by consumers, rather than by manufacturers for producing other goods

​Which of the following lists economic systems in order from least to most flexible?

The study of economics involves​

the most desirable alternative given when you make a choice

​The efficient use of scarce resources leads to an increase in

study of efficient use of scarce resources to achieve maximum satisfaction of economic wants

goods that are used in producing other goods, rather than being bought by consumers

any human-made resource, skills, or knowledge used to create goods and services

a payment or concession to stimulate greater output or investment

systematic approach to estimating the strengths and weaknesses of alternatives

​There is always some degree of government involvement in a mixed economy.

all natural resources that are used to produce goods and services

all of the alternatives that we give up when we make a choice

study of small economic units such as individuals, firms, and industries

examination of the additional benefits of an activity compared to the additional costs incurred

study of large economy as a whole or economic aggregates