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Chapter 1 Econ Review

AB
Organize resources to create new businessesEntrepreneurs
The condition of limited resources and unlimited wantsScarcity
People who create goods and servicesProducers
Bridges, dams, and freeway's are examples of a country's ____Capital resources
Factory buildings, assembly line equipment, and telephone equipment are examplesCapital resources
How to meet people's wants and needsCentral problem of economics
Managers, technical trainers, and accountants are examplesHuman resources
Two groups involved in voluntary exchangeProducers and consumers
Land resources, human resources, and capital resourcesProductive resources
Iron ore, timber, tuna, and crude oil are examplesNatural resources
Another name for inputsFactors of production
Decisions about how resources are allocatedConcept of economic scarcity


Lynn Burkey
Shelbyville Central High School
Shelbyville, TN

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