Economics

total dollar value of all final goods and services produced in a country during a single year

Which of the following is a marketeconomy primarily based on?

economic system where government should not interfere in the marketplace

work performed by a person for someone else

Under what factor of production would you classify abulldozer

a lack of resources (unlimited wants but not unlimited resources)

people, businesses, and/or nations concentrate on goods/services that they can produce better

Which of the following represents the factors ofproduction

author of wealth of nations

measured by how well their necessities and luxuries are satisfied

things required for survival

What are the skills and knowledge one brings to a jobis known as

tangible product that we use to satisfy our wants and needs

the breaking down of a job into separate, smaller tasks to be performed individually

What is the term used to describe a person who workson the BMW assembly line

Which economic system discourages competition

Which of the following is not a factor of production?

Why do consumers benefit from competition betweenbusinesses

private citizens own most, if not all, means of production and decide how to use them 

human effort directed toward producing goods and services

the degree to which resources are being used efficiently to produce goods and services

the additional cost of producing one additional unit of output

author of the communist manifesto

things that you would like to have

previously manufactured goods used to make other goods and services

the role of consumer as the ruler of the market, determining what products will be produced

struggle that goes on between buyers and sellers to get the best products at the lowest prices

What is the main motive for a capitalistic economy

the money a business receives for its products or services over and above its costs

the payment people receive when they lend money or allow someone else to use their money

choosing one thing over another

gifts of nature that make production possible

driving force that encourages individuals and organizations to improve material well-being

individual who starts a new business, introduces a new product, and improves a technique

the cost of the next best use of your time or money when you choose to do one thing