Economics Unit 1 Review

desires that can be satisfied by consuming a good or service

• wants

• needs

• scarcity

• shortage

things, such as food, clothing, and shelter, that are necessary for survival

• wants

• needs

• public goods

• externalities

the problem caused by unlimited wants and limited resources

• scarcity

• opportunity cost

• efficiency

• economic freedom

person who buys goods and services for personal use

• producer

• consumer

• entrepreneur

• free rider

person who makes goods or provides services

• producer

• consumer

• free rider

• economic theorist

Which of the following is NOT one of the three economic questions that all societies must answer?

• What will be produced?

• How will it be produced?

• For whom will it be produced?

• How much will be produced?

Which of the following is NOT one of the four factors of production?

• land

• goods

• capital

• entrepreneurship

Jeff Bezos, founder of Amazon, is an example of which factor of production?

• land

• labor

• capital

• entrepreneurship

Wildlife, minerals, and oil are all examples of which factor of production?

• land

• labor

• capital

• entrepreneurship

Construction workers, doctors, and teachers are all examples of which factor of production?

• land

• labor

• capital

• entrepreneurship