Chapter 17-2 Review

Breaking a big job into smaller jobs is known as...

• Division of Labor

• Specialization

• Productivity

A measure of how efficiently resources are used to create products.

• Division of Labor

• Specialization

• Productivity

• Product Market

Concentrating on the goods and services produced most efficiently.

• Factor Market

• Specialization

• Division of Labor

• Productivity

Where do people sell their labor in the circular flow of economic activity?

• Business Sector

• Consumer Sector

• Factor Market

• Product Market

Select the ways that human capital can be improved.

• Education

• Training

• Experience

How do governments PRIMARILY get the money they need to operate?

• Charging fees for goods and services.

• Collecting taxes and borrowing money.

• Selling goods in the factor market.

• Selling services in the product market.

Consumers participate in only the factor market.

• True

• False

Factories are the link between businesses and consumers.

• True

• False