Economics Unit I

Becky opens a bakery on Main St. in Webster. This is an example of which factor of production?

Items/things that are essential for life are called...

The United States is an example of a....

Who wrote the Communist Manifesto?

This is the factor of production that deals with money and machines that produce things...

This is the factor of production that deals with natural resources.

When something is wanted or needed, and there is enough of it for everyone is called...

To grow food on a large farm or a small farm. This relates to which economic question?

What is it called when companies share a portion of the profits with their owners?

Items that make our lives better, but are not essential for survival are...

This factor of production deals with the human effort or workers.

In this type of economy there is competition & some hands off government and welfare programs.

The economic system where the government answers all of the economic questions is...

In a pure capitalist economy the idea is that...

The economy that relies heavily on tradition and custom is...

Trash removal is an example of....

What is the study of how people allocate scarce resources among alternative uses?

The point where both resources are being maximized is known as...

What essential question determines if societies produce guns or butter?

Manufactured goods that are used to make other goods and services are called...