24-25 Economics Unit 1 Final Exam Review

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

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.

Back

Scarcity

Front

What is opportunity cost?

Back

what you give up to make a choice