Intro to Econ Vocab Review

The profits used to reinvest in a company to expand production is called _____ capital.

The top ten lowest standards of living were all on what continent?

Which is an example of specialization?

The study of how to use limited resources to meet unlimited needs is called ____.

The factory where cars are made is an example of what factor of production?

Mr. Richards is going back to college to earn another degree to better his job. This is_____.

Which of these are not one of the three economic questions?

Allocating is a fancier way of saying ____.

The next best alternative given up when you make a choice is called a (an) _____.

Which is not an example of a land factor of production?

Bill Gates was the entrepreneur who established ______.

When unlimited wants exceed limited resources, you have _____. 

In this form of economic system the government controls all parts of the economy.

In this economic concept, the economy allows a chance for everyone to take part and succeed. 

In order for a transaction to be successful, it must be _____. (PICK THE BEST ANSWER)