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| What is the fundamental problem of economics? |
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| List three examples of need. |
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| Food, clothing, and shelter |
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| What is the name given to an alternative choice? |
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| What term describes the study of how people try to satisfy unlimited wants with limited resources? |
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| What term describes a risk taker in search of profits? |
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| What are the three basic economic question? |
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Definition
What to produce?
How to produce?
For whom to produce?
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| What term describes the condition that results from society not having enough resources to produce all the things that people would like to have? |
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| Society must choose based on its population andother available markets. Which of the three basic questions does this answer? |
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Definition
| For whom should we produce? |
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| What are people called who use goods and services to satisfy wants and needs? |
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| Following a major hurricane, items such as ice, gasoline, and electricity are all examples of what concept? |
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| What happens when productivity goes up? |
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Definition
| More output is produced with the same about of input |
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Term
What term is described as the struggle among sellers to attract consumers while lowering prices?
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| Give examples of land as a factor of production. |
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Definition
| Water, animals, and trees. |
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| Give examples of capital as a factor of production. |
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Definition
| Factories, tools, and machinery |
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| What are the four factors of production? |
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| Land, labor, capital, entrepreneurs |
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| What are examples of a service? |
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Definition
| A haircut, legal services |
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| What are examples of a good? |
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| What term describes the tools, equipment, machinery, and factories used in the production of goods and services? |
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| What term describes people and all their efforts, abilities, and skills? |
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| Innovative risk takers such as Bill Gates, Sam Walton, and Oprah Winfrey are examples of which factor of production? |
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| What economic question is answer if you decide to build low-income housing instead of high-income housing? |
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Definition
| There is not enough of it to satisfy people's wants. |
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| What te describes the dollar value of all final goods and services produced in a country in a twelve-month period? |
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| Society must choose based in its needs. Which of the three basic questions does this describe? |
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| Society must choose based on its resources. Which of the three basic questions does this describe? |
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Definition
| How should we produce it? |
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| What economic concept is described when one purchases a pair of jeans instead of a CD? |
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| What philosophy states that government should not interfere with business? |
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| Who said that competition acts as an "invisible hand" that guides resources to their most productive uses? |
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| What is an organized way to provide for the wants and needs of the people? |
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| What country is an example of a market economy? |
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| Which group of people ultimately determines the products that a free enterprise economy produces? |
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