Econ #1-2 Test Review

something like air, food and shelter

The public interest is served when individuals pursue their personal goals because of

decisions are based on voluntary exchange in the market

An increase in capital investment will likely increase productivity of labor

market based economy with limited government involvement

Many workers strike and refuse to produce goods and services

the doctrine that the government should not intervene in the marketplace

one's own personal game

Interest rates are so high that companies do not invest in new capital

The method used by society to produce and distribute goods and services

the actions that one person performs for another

The basic economic condition of all goods and services

relies on habit, custom, or ritual to decice what to produce, how to produce it

Factors of production

Workers increase their education and become more productive

Greatest output of goods and services thru the best use of resources

The income people receive for supplying such things as land, labor and capital

human knowledge

The basic role of entrepreneurs in the economy is to

an item that we desire