Economics Unit 1 Review

Front

Individuals who come up with a new idea for a good or service, then they make it a reality

Back

entrepreneur

Front

Something we use from nature

Back

natural resource

Front

The idea that resources are limited; we don't have an unlimited supply of what we want

Back

scarcity

Front

Which of the following is a need? Options: Crayons, Video Games, Basketballs, Houses

Back

Houses

Front

If video games are not a need, what are they?

Back

a want

Front

Human-made materials used to produce goods and services.

Back

capital

Front

An economy where the government controls the factors of production resources.

Back

command

Front

How resources are used to meet people's wants and needs

Back

economics

Front

The talents and skills of human beings used to create goods is an example of which Factor of Production?

Back

labor

Front

The value of the second-best choice that is given up when a decision is made.

Back

opportunity cost