Duplicate of Chapter 1 Review

Division of labor is a characteristic of

Division of labor improves ______.

Economic resources are also called _______________.

The wealth that an economy generates is made possible by

Economic growth may be illustrated on a PPF model, as a shift

What is the driving force in an economy?

What does the phrase "there is no such thing as a free lunch" mean?

Entrepreneurs are considered the driving force in an economy because they

When faced with unlimited wants and limited resources, is a fundamental economic problem:

Which of the following is not a factor of production?

Product Market is where:

Factor Market is where:

Manufactured goods used to produce other goods and services are called

Scarcity forces every society to _______________ ?

The study of economics is important because it enables us to

Which of the following is NOT an example of capital?

The Circular Flow Illustrates

Some necessities have little value while some non-necessities have a much higher value

Productivity__________, whenever more can be produced with the same amount of resources.

Actions in one part of the country that have an economic impact elsewhere are examples of