Economics Unit 1 Review

Economic products designed to satisfy people's wants and needs are called _________.

• goods

• services

• resources

• capital

Write the key term that best completes the following sentence: The _______ of a CD player can be expressed in dollars and cents.

• value

• weight

• color

• brand

Write the key term that best completes the following sentences: Haircuts, repairs to home appliances, and entertainment are examples of _________?

• services

• goods

• products

• commodities

Write the key term that best completes the following sentences: _______ arises because society does not have enough resources to produce all the things people would like to have.

• scarcity

• abundance

• inflation

• wealth

Write the key term that best completes the following sentences. The _______ of going to a football game instead of working would include the money not earned at your job.

• opportunity cost

• profit

• revenue

• investment

Write the key term that best completes the following sentence: _______ is the sum of the skills, abilities, health, and motivation of people.

• human capital

• physical capital

• natural resources

• entrepreneurship

Write the key term that best completes the following sentence: _______ is another name for the capacity of a product to be useful.

• utility

• price

• brand

• weight

The only factors of production that are themselves the result of earlier production are _______.

• capital goods

• land

• labor

• entrepreneurship

Land, labor, entrepreneurship, and capital are _______.

• factors of production

• types of government

• forms of currency

• methods of transportation

People who use goods and services to satisfy their wants and needs are called _______.

• consumers

• producers

• investors

• manufacturers