What is Economics?

A worker learning one task very well is:

• specialization

• consumerism

• nondurable good

• scarcity

What is another term for quality of life?

• production possibilities curve

• standard of living

• factor market

• capital good

This represents the range of production possibilities.

• gross domestic product

• factor market

• production possibilities curve

• capital good

The place where all of the factors of production are bought and sold.

• specialization

• capitalism

• production possibility curve

• factor market

A fundamental problem in every society is:

• scarcity

• capital goods

• gross domestic product

• standard of living

This measures a country's output and economic health.

• gross domestic product

• standard of living

• factor market

A manufactured good used to product other goods and services.

• durable good

• nondurable good

• capital good

• consumerism

Food is an example of which of the following?

• scarcity

• capital good

• durable good

• nondurable good

The reliance on others to produce goods and services that we need is:

• economic interdependence

• scarcity

• economic dependence

• consumerism

The movement that promoted the rights of the people buying things is called:

• gross domestic product

• consumerism

• the goods movement

• capitalism