Basics of Economics

The use of technical knowledge to create new products or make existing products more efficiently is known as

Anything people use to make what they need or want is a

Buildings, machinery, tools, and processed goods such as lumber are known as

To develop a new combination of the other factors of production, thereby creating something of value, is the goal of

The study of the choices people make to satisfy their needs and wants is called

Raw materials such as timber, coal, water, and iron ore are

An action or activity done for others for a fee is a

The study of entire economies is called

The study of individual actors or industries in an economy is

A person who attempts to start a new business or introduce a new product is called

People who make and sell things to satisfy needs and wants are

Any human effort exerted in the production process is called

The people who decide to buy things are called

Anything physical that can be bought or sold is a

The interaction of buyers and sellers for the free exchange of goods and services is called a

Which of these is NOT one of the four factors of production?