Econ Lesson 1 and 2

The total value of all goods and services produced in a single year

Name the two categories of natural resources

Name all four factors of production

When countries focus on making goods that they can produce easily with the resources that are already in their country

The percentage of people who can read and write in a country

The two types of labor needed with human resources

How a government decides to distribute resources is called

Tools that are created by humans to help them accomplish a task

Name the three fundamental questions of economics

Goods brough in from other countries

What happens when people have unlimited wants but there are limited resources?

Actions that people perform that we pay for

Most countries have this type of economy

In this economy, the government answers all of the fundamental questions of economics

The term for the reality that all countries have different amounts of natural, human, and capital resources

Goods sold by producers in one country to buyers in other countries

In this economy, the people answer all of the fundamental questions of economics

Explains how people get the goods and services they need and want