Midterm - Econ Unit 1 Vocab worksheet

______ refers to the tools, machines, and buildings used to produce goods and services.

A ______ is a government measure that limits international trade, such as a protective tariff or an import quota.

______ is the condition that results because people have limited resources but unlimited wants.

Adam Smith’s metaphor, the ______, explains how an individual’s pursuit of economic self-interest can promote the well-being of society as a whole.

The ______ is a system used to manage limited resources for the production, distribution, and consumption of goods and services.

______ is the principle that government should not interfere with the workings of the economy.

The time and effort people devote to producing goods and services in exchange for wages is called ______.

______ is the study of the workings of the economy as a whole.

______ is the study of the economy at the level of individuals, households, and businesses.

______ refers to the knowledge and skills people gain from education, on-the-job training, and other experiences.