Chapter 1 Review

The wealth that an economy generates is made possible by

Entrepreneurs are considered the driving force in an economy because they

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

Which of the following is NOT an example of capital?

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

Factor Market is where:

Who is the driving force in an economy?

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

Product Market is where:

Manufactured goods used to produce other goods and services are called

Division of labor is a characteristic of

Economic resources are also called _______________.

Scarcity forces every society to _______________ ?

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

The study of economics is important because it enables us to

The Circular Flow Illustrates

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

Which of the following is not a factor of production?

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

Division of labor improves ______.