2) If a school buys new Macbooks for all teachers, which factor of production is the school investing in?

What is the fundamental problem all societies must face?

You decide to open your own bakery. You get a loan, rent a building, hire 5 employees, and order all the necessary ingredients to start baking. Which factor of production do you represent?

5) The economic theory of scarcity states that because resources are limited, people have to do which of the following?

6) In the circular flow diagram, in which of the markets are human resources exchanged for wages, salary, or income?

An ice storm damages most of the peach crops in the southern United States. What will most likely happen to peach prices?

8) What is the equilibrium price for this product according to the graph?

According to the graph, what is the equilibrium quantity for this product?

Sarah decided to start the Excellent Adventure Travel Agency, specializing in exotic trips. She does not have to share decision-making, costs, liability, or profit. What kind of business organization is this?

Inflation rates are measured by

What are the four factors used to calculate Gross Domestic Product (GDP)?

When workers at a grocery store are laid off because they acquire new self- check-out machines that replace the job skills of cashiers, this is what type of unemployment?

During the pandemic, the U.S. federal government increased government spending and sent out stimulus checks to help keep the economy afloat. What is the term for a government's management of its spending and tax policies?

In the formula for calculating GDP, it includes all of the following EXCEPT