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Capital is
A ) tools, equipment, and factories used in the production of goods and services; one of four factors of production. Economics is the use of what to produce and distribute goods and services?

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D ) resources
Want is

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B ) way of expressing a need that leads to a preference for some goods over others The fundamental economic problem is

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B ) scarcity.
Why do economists need to find the answer to all three of these questions?

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D ) there are not enough resources to satisfy people's seemingly unlimited wants Markets where productive resources are bought and sold are ______ markets.

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A ) factor

The key feature of the circular flow of economic activity is the

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C ) market.

Economics is based on

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B ) scarcity.
includes the tools, equipment, machinery, and factories used in the production of goods and services.

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B ) Capital Twenty percent of the world's people in the wealthiest nations consume ____ percent of the world's goods and services.

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A ) 86

In this passage, "Too much marketing today focuses on awareness rather than reasons to buy. In the old days, awareness advertising was more effective. There was less competition. All you had to worry about was whether or not people remembered your product. As technology and more kinds of media have come about, it's no longer enough to be remembered. The consumer has too many choices. Your marketing has to send the message that you are relevant. You need to be sending reasons to buy." Advertisers are advised to focus on the economic concept of

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C ) utility Manufactured goods needed to produce other goods and services are called

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B ) capital goods. The dollar value of all final goods and services and the most comprehensive measure of a country's total production output is

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D ) Gross Domestic Product (GDP). The three basic economic questions everyone must answer are

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C ) WHAT to produce, HOW to produce, FOR WHOM to produce.

Human capital is

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B ) the sum of the skills, abilities, health, and motivation of people.

According to Alice Rivlin in this passage: "Economic literacy is like having a working knowledge of a foreign language. If you are with a group of foreigners and don't speak their language at all, you feel excluded. If you have a rudimentary working knowledge of the language, you can at least follow the drift of the conversation, ask a few questions and feel that, even if you are not getting the fine points, you are not totally left out and you have a basis for acquiring more knowledge. That, it seems to me, is what economic literacy means-a rudimentary working knowledge of the concepts and language of economic activity. If you have a rudimentary working knowledge of economic concepts, you will be

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B ) able to ask questions to gain more knowledge.
Factors of production is/are

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B ) productive resources that make up the four categories of land, capital, labor, and entrepreneurship.

"There Is No Such Thing As A Free Lunch" reminds us that

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A ) resources are scarce and that we must make careful economic decisions regarding WHAT, HOW, and FOR WHOM to produce.

In this passage, "To take an example,... One man draws out the wire, another straightens it, a third cuts it, a fourth points it;...and [the making of] a pin is, in this manner, divided into about eighteen distinct operations." Adam Smith is describing the basic economic concept of

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C ) division of labor.
The situation in which some necessities have little value while some non-necessities have a much higher value is known as

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A ) paradox of value. The money used to buy the tools and equipment needed for production is known as

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C )...
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