| A | B |
|---|
| What is the fundamental problem of economics? | scarcity |
| List three examples of needs. | food, clothing, and shelter |
| What is the name given to an alternative choice? | opportunity cost |
| What term describes the study of how people try to satisfy unlimited wants with limited resources? | economics |
| What term describes a risk taker in search of profits | entrepreneur |
| What are the three basic economic questions? | what to produce, how to do, and whom to produce for |
| What term describes the condition that results from society not having enough resources to produce all the things that people would like to have? | scarcity |
| Society must choose based on its population and other available markets. Which of the three basic questions does this answer? | 8for whom should we produce |
| What are people called who use goods and services to satisfy wants and needs? | consumers |
| Following a major hurricane, items such as ice, gasoline, and electricity are all examples of what concept? | scarcity |
| What happens when productivity goes up? | more output is produced with same amount of input |
| What term is described as the struggle among sellers to attract consumers while lowering costs | competition |
| Give examples of land as a factor of production. | water, animals, and trees |
| Give examples of capital as a factor of production | factories, tools, and machinery |
| What are the four factors of production? | land, labor, capital, entrepreneurs |
| What are examples of a service? | a hair cut, legal services |
| What are examples of a good? | a car, book |
| What term describes the tools, equipment, machinery and factories used in the production of goods and services? | capital |
| What term describes people and all their efforts, abilities and skills? | labor |
| Innovative risk takers such as Bill Gates, Sam Walton, and Oprah Winfrey are examples of which factor of production? | entrepreneur |
