Ch. 1 Economics Review

Manufactured goods used to produce other goods and services are called

Actions in one part of the country that have an economic impact on what happens elsewhere is

____is the study of how people use limited resources to fulfill unlimited wants

The situation in which some necessities have little value and non-necessities have a high value

_____is another name for the capacity of a product to be useful

What are the 4 factors of production

is the quality of life based on the ownership of the necessities,luxuries that make life easier

The study of economics helps people to

Economic reasoning is based on the idea, any activity involves a tradeoff, what does this mean

A production possibilities curve is used by economists to show

The fundamental question in economics is how to

A popular model used to illustrate the concept of opportunity cost is

For something to have value, it must have

____is the sum of the skills, abilities, health, and motivation of people

_____is used to illustrate opportunity cost

When deciding which of the two items to purchase, one should

The resources used in the production of goods and services are limited, so society must

The 3 basic economic questions are