Economics Test 1M

Market where the factors of production are bought and sold

• service

• scarcity

• trade-off

• factor market

A good that lasts for at least three years when used regularly

• factor market

• non-durable good

• trade-off

• durable good

Productive resources that make up the four categories of land, capital, labor, and entrepreneurs

• service

• factors of production

• economic growth

• product market

Something we would like to have but is not necessary for survival

• want

• good

• service

• economics

Tools, equipment, and factories used in the production of goods and services

• factors of production

• capital

• non-durable goods

• paradox of value

The risk-taking individual in search of profits

• labor

• factors of production

• entrepreneur

• human capital

The fundamental economic problem of meeting people’s virtually unlimited wants with scarce resources

• opportunity cost

• human capital

• scarcity

• economics

People with all their efforts, abilities and skills

• service

• labor

• entrepreneur

• economic growth

Social science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources

• product market

• factor market

• factors of production

• economics

A good intended for final use by consumers rather than businesses

• durable good

• product market

• consumer good

• opportunity cost