Methods & Tools of economists Q.2 Flashcards
In terms of wants and needs, human ______ are limitless.
wants
Economic rivalry among sellers for the consumers’ dollars is called:
competition
The amount of a bank’s reserves determines how much it can lend.
true
reason that businesspeople use their resources efficiently in production
profit
individuals, businesses, and different regions produce certain products
specialization
people whose wants are being satisfied
consumers
another name for a businessperson
entrepreneur
what determines how much is produced
demand
man-made resources used in production
capital goods
available resources used for production
factors of production
people in society who are producers
human resources
one person does a small portion of work on a larger project
division of labor
materials found in nature which man puts to his use
natural resources
Minerals, trees, and animals are examples of:
natural resources
Factories, buildings, and trucks are examples of:
capital goods
Welders, assembly line workers, construction workers and teachers are all examples of:
human resources
Specialization makes regions more:
interdependent
When the demand for a product is greater than the supply, prices and profits:
rise
In a capitalist system, the people that determine how much to produce are:
consumers
Investment means spending on:
capital goods
In its tax collecting role, the government collects taxes in order to specifically spend the money on _____________________.
public goods and services
If competition is keen and prices are lowered, this market is called a:
consumer’s market
If consumers’ wants are poorly satisfied and businesses are making large profits, this condition is a:
producer’s market
The development that has not taught us how to use natural resources wisely is the:
development of market mechanism
