Study of how people make choices about ways to use limited resources to fulfill their wants.

Deals with behavior and decision making by small units such as individuals and firms.

Deals with the economy as a whole and decision making by large units such as governments.

This results from a combination of limited resources and unlimited wants.

The four factors of production are:

Manufactured goods used to produce other goods and services

When individuals take risks to develop new products and start new businesses in order to make profits.

A company’s office buildings are an example of:

Scarcity always exists because:

A company’s fleet of trucks represents which kind of factor of production?

The need to make choices arises because:

The basic problem of economics is:

As an economic term, land refers to:

Economics is primarily concerned with which of the following?

According to Adam Smith:

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