Economics Unit 1 Scarcity / Factors of Production

Logging trucks are an example of

Who steps into to aid the economy when the flow of resources and money are struggling?

What is scarcity?

How many factors of production are there?

Households and Businesses interact with eachother through...

The Ciruclar Flow Model helps create the concept the you have to do what to make money?

Tools, equipment, and buildings are examples of

The inputs available to supply goods and services in an economy are called...

Oven

What happens when the factors of production aren't being used efficiently?

What is a direct result to scarcity?

Doctor

When supply and demand answer the economic questions and the government never gets involved in the economy

The physical and mental effort of people is known as

Which of the following is NOT a factor of production?

When the government owns all the factors of production and answers the three economic questions.

Tom Brady

What is responsible for organizing factors of production and taking risks?

Gold ore