Unit 1 Intro to econ

Condition of having limited resources but unlimited wants....

• Scarcity

• Trade-off

• Opportunity Cost

• Cost-benefit

are the businesses that produce goods, employ people and purchase goods...

• Firms

• Households

• Factor market

• Product Market

Where the 4 factors of production are bought and sold...

• Factor Market

• Product Market

• Government

• Firms

Where firms sell their goods and services and people buy them...

• Factor Market

• Product Market

• Government

• Households

Provides law and order, stability yet also provides goods and services...

• Product Market

• Factor market

• Government

• Firms

The self-regulating nature of the market place. By pursuing his own interests, the individual promotes the interests of society: The Invisible Hand

• True

• False

Goods provided to the govt to be used collectively by society...

• Public goods

• Private Goods

• Economic equality

• Economic equity

Goods provided by a business to an individual...

• Private goods

• Public goods

• Economic equality

• Economic equity

Economic fairness (we all have a chance)

• Economic equity

• Economic equality

Having an equal outcome

• Economic equity

• Economic Equality