Economics Unit 1 test review

when buyer and seller both benefit (gain) fr0om this process

type of economy in which the question are answered by customs ( what has been done before)

in the circular flow of economics , this is where ffoold and services are bought by consumers

what you give up when making a choice

a social economic goa; that focuses on fairness for all people

money used to buy too;s and equi[ment for production

getting the most output from scarce inputs

helps you make better choices

illustrates the combination of twogoods of services that can be produced

the united states has this typr of economy with private ownershup, competition...

in this typer of economy consumer make choices

in this type of economy the government can't meet everyone's needs

building, structures , machinery and tools used in production

this increase productivity and efficieny

when workers focus on a specific task

worker gain this when specializtion is used to increase productivity

The study of how a society deals with scarity.

using division of labor improves this

Economic have this because want and need are unlimited but resources are limmited.

when the people choices demetermine what products firm will produce

a pearson that takes a risk

firms buy productive resources from households , and household buy good and services from firms

land ,labor , capital, and entrepreneurship

type of economy in whic the questions are answered by the goverment