Unit 8: Economic Questions & Factors of Production

The study of how people in a society make a living and the choices people make.

• Economics
• Scarcity

• Entrepreneurship

• Sociology

A person who studies economic choices.

• economist

• producer

• consumer

• entrepreneur

Which of the following are Basic Questions that all economic systems must address?

• What is produced?

• For whom?

• How many?

People who make things that satisfy consumers’ needs and wants.

• Producers
• Consumers
• Entrepreneurs

• Economists

People who buy and use products.

• Producers
• Consumers
• Entrepreneurs

• Economists

Decide whether the following are needs or wants in an economic system.

Groups:

(a) Needs

,

(b) Wants

• Food

• TV

• Clothing

• Shelter

• Cell Phone

• Ipad

Physical objects that can be purchased.

• Goods

• Services

• Product

• Resources

Actions performed for a fee.

• Goods

• Services

• Product

• Favors

What does scarcity mean in economics?

• The ability to satisfy all wants

• The inability to satisfy all wants at the same time

• Unlimited resources

• The study of economic choices

All resources are _______ and people's wants are unlimited.

• limited

• infinite

• abundant

• renewable