Fundamental Concepts Vocab 21 Correctly Answered Questions Latest Update

Land {Ans: trees, oil, metals, etc.}Land {Ans: resources found in nature}Traditional Economy {Ans: decisions are based on customs (how we've always done it)}Labor {Ans: Human effort, skills, and expertise (workers)}paradox of value {Ans: some necessities are very inexpensive, while non-essential luxury items are expensive}Laissez faire {Ans: "Let it be"; government should leave the economy alone}service {Ans: an action performed for a fee}Scarcity {Ans: Unlimited wants/needs but limited resources}Invisible Hand {Ans: analogy representing how competition efficiently guides resources in a market}consumer good {Ans: product bought for personal use}Command Economy {Ans: decisions are made by the government}Division of Labor {Ans: Separating the tasks of a production process}trade offs {Ans: all the possible alternatives when one is faced with a choice}Market Economy {Ans: individuals decide what is produced and how}Factor Market {Ans: where productive resources are bought and sold}Specialization {Ans: workers become experts in one skill or task}Entrepreneur {Ans: someone willing to take a risk and start a business}utility {Ans: the usefulness of a product (or satisfaction gained from a product)}Capital {Ans: machines, tools, and buildings used to produce a product}opportunity cost {Ans: