Unit 1 vocabulary

how people use resources efficiently to meet unlimited wants/needs

helps nations to achieve efficiency

which of these conclusions does point "F" most likely support?

Bill Gates, Mark Zuckerberg, Oprah Winfrey are all examples of:

natural resources used to make goods and services

Father of economics: "Invisible Hand Theory"

ones who are taking the risks to be innovators

what is the best title for this list?

market where goods and services are sold

resources used to make products

education/knowledge one recieves

Which economic factor of production is best supported by this informational poster?

production resources are bought and sold in this market

the value of the next best alternative

which location best reflect the point at which the economy cannot currently operate?

increase in a nation's total output

households provide _ to firms in the product market

number one problem for all societies and forces to make people to make efficient choices

graph showing combinations of products that can be produced

when resources are not being used efficiently

effort people do for pay

Fill in the blanks: Starbucks is a ________ in the Factor Market (resouce market), but a _________ in the product market

carol works, where in the circle flow model does she receive compensation for labor

alternative choices

tools and equipment used to make products

philosophy that gov't should not interfere with business activity