Unit 1 vocabulary

households provide _ to firms in the product market

Bill Gates, Mark Zuckerberg, Oprah Winfrey are all examples of:

ones who are taking the risks to be innovators

when resources are not being used efficiently

how people use resources efficiently to meet unlimited wants/needs

what is the best title for this list?

helps nations to achieve efficiency

increase in a nation's total output

alternative choices

philosophy that gov't should not interfere with business activity

market where goods and services are sold

Which economic factor of production is best supported by this informational poster?

which location best reflect the point at which the economy cannot currently operate?

effort people do for pay

Father of economics: "Invisible Hand Theory"

which of these conclusions does point "F" most likely support?

graph showing combinations of products that can be produced

tools and equipment used to make products

carol works, where in the circle flow model does she receive compensation for labor

production resources are bought and sold in this market

Fill in the blanks: Starbucks is a ________ in the Factor Market (resouce market), but a _________ in the product market

natural resources used to make goods and services

education/knowledge one recieves

resources used to make products

the value of the next best alternative

number one problem for all societies and forces to make people to make efficient choices