Economics Basics

FILL IN THE BLANK: Businesses __________for your money and a share of the market/profit.

Capital goods are used for making other products.

All of the following are examples of services EXCEPT

The definition of "division of labor" is

Which of the following lists the four factors of production?

Scarcity is the condition of

When we have unlimited wants and limited resources, this is called a condition of

All of the following are principles of capitalism EXCEPT

Adam Smith believed that if people followed their self-interests, productivity would increase and therefore wealth.

A teenager would have the least number of career choices in a

Which word does NOT belong in the group of words?

Individuals own the factors of production in a market economy.

Productivity is

All the following are resources EXCEPT

A calculator for this class is necessary. It is a need.

A high opportunity cost happens when your first choice was a good choice.

Which word does NOT belong in the group of words?

Which set of countries both have a command economy?

All of the products listed below are wants EXCEPT

All of the following statements are NOT true about services EXCEPT

For a consumer, the most important reason for a purchase is its