Economics Unit One

system in which wealth should be distributed evenly between society

something that people want but is not necessary

an economic system in which the government makes all decisions on the three key economic ?'s

Which is NOT a public good?

any human-made resource that is used to produce other goods and services

the total value of all final goods and services produced in a country in a given year

gives an inventor of a new product the exclusive rights to produce and sell for 20 years

actions or activities that one person performs for another

income level below that which is needed to support families

grants author exclusive rights to publish and sell his or her creative works

pattern of a period of expansion or growth, followed by contraction or decline

Social Security

the basic facilities that are necessary for a society to function

a person or group of people living in the same residence

medicare

the act of giving up one benefit in order to gain another, greater benefit

Which amendments protect private property?

any arrangement that allows buyers and sellers to exchange things

the amount of money a business receives in excess of its expenses

all natural resources used to produce goods and services

physical objects that someone produces

a shared good or service that would be inefficient for one single person to pay for

Which is NOT a key economic question?

the hope of reward or fear of penalty that encourages a person to behave in a certain way

Which is NOT a factor of production?

Food Stamps

the study of economic behavior and decision making in small units, such as households and firms

Something essential for survival

the effort people devote to tasks for which they are paid

the study of economic behavior and decision making in a nation's whole economy