Econ Ch 1

It is the factor of production that includes all natural resources.

It is THE economic problem; refers to unlimited human wants and needs and limited resources.

It is what you give up when you make a choice between trade-offs.

He is considered to be the Father of Classical Economics; wrote THE WEALTH OF NATIONS.

It is the factor of production that takes risks, innovates, and creates new products.

They are goods meant to last for 3 or more years with typical usage.

In a capitalist economy, the means of production are owned by

In this system, the government owns some businesses but officials are democratically elected.

In the circular flow model, they are the sellers of the factors of production.

On an economic spectrum, this economy has greatest degree of government control.

It is the factor of production that includes all human effort, mental and physical.

Which of the following countries currently practices communism?

It is the factor of production that refers to manmade tools used to produces goods & services.