Economics Unit 1 Review

Which is a not a factor of production?

material well-being of an individual or group

What is NOT a term that refers to an economy driven by individual choices?

government controls factors of production

The next best option at a given moment

concept that we can never fulfill all our wants/needs at any given moment

motivation for sellers to enter the market (go into business)

shows maximum combinations of goods/services that can be produced at a given moment

branch of economics that focuses on a nation's economy

theory dealing with decision making of individuals and businesses

means to have minimal government interference in the market; "hands off"

born into your role in the ecomony

balancing economic policy

What do some economists believe is a fifth factor of production?

needed rivalry among businesses to make a market more efficiently

all the other possible options at a given moment

representations to help explain and predict economic behavior

expansion of jobs, goods and wealth