1.3 Economics- Using Economic Models

Economic growth is an increase in a nation's output of goods and services over time.

• True

• False

Economic growth can usually be achieved without investing in new resources.

• True

• False

Economic growth causes the Production Possibilities frontier to contract.

• True

• False

People's skills, abilities, health, knowledge, and motivation all add up to human capital.

• True

• False

Division of labor is division of work into a number of separate tasks to be performed by different workers.

• True

• False

________ ________ Occurs when a nation's total output of goods and services increases over time.

______________ is a measure of the amount of goods and services produced with a given amount of resources in a specific period of time.

____________ ___________ means we rely on others and others and others rely on us , to provide most of the goods and services we consume.

A ________________ is a meeting place or mechanism through which buyers and sellers of an economic product come together. It may be local, regional, national, or global.

________ _______ are markets in which productive resources are bought and sold.