Economics Unit 1 Review

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

Which of the following is a need?

• Crayons
• Video Games
• Basketballs
• Houses

If video games are not a need, what are they?

• a wish
• a dream
• a want
• a necessity

Human-made materials used to produce goods and services.

• capital

• land

• labor

• entrepreneur

An economy where the government controls the factors of production resources.

• command

• market

• capitalism

• mixed

how resources are used to meet peoples wants and needs

• economics

• demand

• supply

• entrepreneur

The talents and skills of human beings used to create goods is an example of which Factor of Production?

• labor

• land

• capital

• entrepreneur

the value of the second-best choice that is given up when a decision is made

• opportunity cost

• producer

• profit

• scarcity