ECONOMICS Review

Front

A raw material or energy source that replaces itself over time.

Back

Renewable resource

Front

In what economic system does the government control natural resources, factories, and services?

Back

Command Economy

Front

Economic systems are classified based on who controls the ...

Back

Factors of Production

Front

Which economic industry changes raw materials into finished products?

Back

Manufacturing

Front

Something that comes from the earth and is used to make a product is called ...

Back

Natural Resource

Front

An economy based on private ownership of business, no government regulation, and consumers freely choose goods and services.

Back

Free Market Economy

Front

The value of all the goods and services that a country produces in a year.

Back

Gross Domestic Product (GDP)

Front

The value of the choice that is given up when a decision is made

Back

opportunity cost

Front

What is an example of a capital resource used in bread production?

Back

oven

Front

What is scarcity?

Back

unlimited wants vs limited resources