Econ Unit 1 Review

Economics can best be defined as the study of:

In economic terms, the value of what is given up when you choose one item over another is

This helps to keep prices low and quality high

In which economic system does a central authority control economic production?

In a command economy, resources are owned by

Someone who buys or uses a good or service is called

Machines, factories, roads, and trucks are examples of which factor of production?

Store clerks, advertisers, designers, and management are examples of what factor of production?

The ability of people to choose what they want to buy or not buy is known as

This can refer to an individual's home, a storefront, a method of production, or an invention 

With voluntary exchange, a buyer and seller agree to do business together

A buyer and a seller both seek a benefit in the market place. They both act out of ________

Oil, chickens, eggs, and lumber are examples of which factor of production?

The founder of a business, and new product ideas are examples of what factor of production?

The economic system that allows individuals the most freedom of choice is

Not having enough resources to meet human wants is called

This is the incentive of a business to sell a good or service

Products that can be purchased are called

Benefits offered to encourage people to act in certain ways are known as

Government programs that protect people from economic hardships are called