Chapters 1-2

What factor of production is water?

What occurs when consumers want more of a good or service than producers are willing to make?

Human capital is the knowledge and skills a worker gains through education and experience.

What is the term for when a government makes a decision on spending between the military or domestics needs?

Most economies today, including ours, utilize a mixed economy.

Economics is the study of money

Which is NOT one of the three factors that keeps households and markets functioning?

Which is NOT one of the three factors of production?

What factor of production is a car?

Which is NOT one of the key elements of the study of economics?

What is the term for people who decide how to combine resources to create new goods and services?

What is the term for something essential for survival?

What factor of production is a delivery driver?

What is the oldest and simplest of the four different economic systems?

The fact that limited amounts of goods and services are available to meet unlimited wants is called scarcity.

What factor of production is gasoline?

In what economy does the government, rather than individual producers and consumers, answer the key economic questions?