Econ Unit 1 Review

any tool, equipment, or machinery made by man and used to aid production is called....

What are the 4 factors of production?

An economic product in the form of work performed for someone else is called...

peoples efforts, abilities, and skills that aid in production is called...

which one of these is an example of how people make better use of their resources?

The study of how people make decisions to satisfy their needs and wants is called . . . .

A benefit of this type of economy is that everyone knows their role.

What kind of market is the kind where you could expect to find clothes, jewelry, food etc...?

What kind of good is intended for final use by individuals?

when we have unlimited wants and limited resources, it forces us to . . . .

What kind of good is used to create other goods?

What is the #1 way you can tell that a government has some degree of socialism?

These economic systems have the benefit of choice with some government intervention

When land, labor, and capital and entrepreneurship are present, then _________________ can take place.

What is the central feature of the circular flow of economic activity?

The capacity of a certain good to bring satisfaction to a consumer is called...??

Which of these is closest to an actual rate of interest you would pay on a Credit Card?

What two things combine economically to create a high value?

Economically, Food, water, and shelter would be considered...

Freedom of choice in the market is a characteristic of what type of Economic System?

What kind of market is where people sell their skills for money?

Most economic systems in the world today are considered _____________ economies.

The problem consumers and countries have is that they have _______________ wants.

what is an example of a resource?

The fundamental economic problem facing all societies and people is

resources not created by humans that aid in production are called...

What is the extra cost for borrowing money from a bank called?

something that is economically useful and satisfies a want is called...

Governmental control of the factors of production is characteristic of what economic system?

Once a person is able to meet their basic needs, they quickly are able to think of what?

The 3 questions that economies and businesses have to answer when they decide to produce are...

Market economies are most closely associated with what types of governments?

something that can be expressed with a price is said to have . . . .

Command economies are most closely associated with what type of government?

an innovator or creator of the change in our economic environment is called a/an...