22-23 Economics Final Exam Review Unit 1

Front

_________ is the study of the production, distribution, and consumption of goods and services.

Back

Economics

Front

The main problem that economics wants to address is ________________, but __________________.

Back

limited resources, unlimited wants

Front

Land, labor, capital, and entrepreneurship are the

Back

factors of production

Front

____________ is an example of a land factor of production.

Back

water

Front

____________ is an example of a labor factor of production.

Back

human input

Front

____________ is an example of a capital factor of production.

Back

factory

Front

Gracie opens a new clothing store in downtown Decatur. This is an example of _______________.

Back

entrepreneurship

Front

___________ is a place or mechanism that allows buyer and sellers to come together.

Back

Market

Front

The _______________ market is where the factors of production are bought and sold.

Back

factor

Front

The ___________ market is where goods and services are bought and sold.

Back

product