Econ Unit 1

Another term used for labor

Businesses and people that focus on one area of expertise while producing a good or service.

_______ occurs when the distribution of goods and services is inefficient causing economic value to drop.

Which Economic System ? Private/historical/government related

Natural resources provided by the land.

Protect the health and welfare of the citizens, Helps Citizens

The additional positive value that one receives from undertaking 1 or more unit of action.

Getting rid of existing regulations

When people do specific jobs within a firm.

Which Economic System ? Total government control

A business owner.

What are the land, labor, capital and entrepreneurship needed to produce goods and services ?

A reason to do something.

Abilities that a person brings to the production process.

Which Economic System ? Free market with some government control

Tools, Machines and structures that are used in the production process.

The additional amount of effort, expense, and time that incurs from undertaking 1 or more units of action.

Which is NOT a Role of Government for Public Goods.

Another term used for land.

Which Economic System ? Mixture of all three

Unlimited wants and limited productive resources.

When two economic factors willingly trade one item for another