Econ Final Review

The condition that results from society not having enough resources for both wants and needs

• Scarcity

• Consumers

• Factors of Production

• Value

Which of the following is not a Factor of Production

• Land

• Labor

• Capital

• Entrepreneurs

• Utility

Term: This is the capacity of usefulness or satisfaction for an individual. ( Different levels of value)

• Wealth

• Services

• Want

• Utility

In which Market do entrepreneurs, and businesses hire labor and pay wages?

• Factor Market

• Product Market

Which of these is not an example of a need?

• Food

• Shelter

• Work

• Clothing

Which factor of production? Individuals who start new businesses, or bring new products to the market.

• Labor

• Entrepreneurs

• Services

• Consumers

What is the cost of the next best alternative of using your resources?

• Capital

• Opportunity Cost

• Trade-Off

• Scarcity

What term refers to alternative choices made during economic decisions

• Trade-offs

• Utility

• Financial Capital

• Value

Term: An organized way of providing for the wants and needs of the people through the use of scarce resources.

• Human Capital

• Democracy

• Economy

• Utility

This type of economy uses practices, and customs handed down from one generation to the next.

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy