ECON chapter 1 test (study guide)

Goods

________ → The physical objects someone produces.

Factors of production

________ → The resources that are used to make goods and services.

Physical capital

________ → the human- made objects used to create other goods and services.

Scarcity

________ forces all of us to make choices by making us decide which options are most important to us… the principal of scarcity states that there are limited goods and services for unlimited wants.