What is Economics? Sec.1 & 2

__________are actions/activities that are performed for a fee, lawyers, teachers & taxicab drivers

This combination of limited resources & unlimited wants results in a condition known as_________

Microeconomics is the study of_______________

• Large corporations

• Households

• Individuals Consumers

• All

The process of developing a new combination of the other factors of production is called__________

• Productivity

• Technology

• Entrepreneurship

• Allocation

The study of the choices that people make to satisfy their needs/wants is called_________________

Explain How can we improve productivity?

Macroeconomics is the Study of individuals, businesses & the choices made by them, also the effects of these choices on market & the government

• True

• False

Goods Is anything that people use to make or obtain what they need/ want

• True

• False

Explain The 4 factors of production & give example for each one.

People decide how to allocate & distribute resources in order to satisfy their ________ & _________