Ch.1 Econ Review

Having unlimited wants and needs but limited resources to achieve them is called

The study of how people use these scarce resources is known as

A person who buys goods or services for individual utility

The person who provides goods and services to society

Which is NOT an economic question answered by societies:

• What to produce?

• Why to produce?

• How to produce?

• Who to produce for?

The people who produce goods and services are known as what type of resource

Man made items that aid in production are known as

Things found in the earth that help make products are known as

Risk and ingenuity to begin production is known as which type of resource

True or false: A cow is an example of a natural resource

• True

• False