APEC Chapter 7 Review

All investments are productive investments.

Entrepreneurs are the agents of change in an economy.

The knowledge, experience, training, and education held by the employees and employers of a company.

Fair courts are a foundational element that allow for economic growth.

Property rights make the economy grow by promoting conservatism.

___ means the tendency of people to overuse or waste a resource that is shared by all.

Human labor refers only to physical work done by a person.

Competition weeds out inefficient producers.

The rate at which a worker produces more or better goods and services.

In a mixed market economy, an important role of the market is to provide a fair court system.

Fair courts and the rule of law provide you with ___.

Equipment, vehicles, tools and buildings required to produce goods and services.

___ are well-defined and defendable rights that allow you to buy, sell or earn income from what you own.

In order for rule of law to work, it must apply to all individual citizens, businesses and the government.

___ is a system governing people based on laws that define the rights and responsibilities to be enforced equally.