Test Review #1 1301

List the four traditional factors of production

What is the term that describes the study of how society uses scarce resources to produce and distribute goods and services?

What is the term that describes the study of the economy as a whole? It looks at aggregate data for large groups of people, companies, or products

What is the term that describes the study of individual parts of the economy, such as households or firms?

What are the four types of unemployment?

What are the four types of unemployment?

What are the four types of market structures?

Who are the individuals or group to whom a business has a responsibility, which includes the public, consumers, employees, and stockholders-in various ways.

What is the term used to describe the point at which customers’ demands for a
product equals the amount made available by the producer?

What is the set of moral standards for judging whether something is right or wrong
called?