Unit 1 Review

5. This exists as a result of our unlimited wants but limited resources
7. The study of how humans make choices under conditions of scarcity
9. A factor of production made up of natural resources
11. This goal of economics leads to increasing the amount (size, number, or output) of resources over time
12. A factor of production defined as the work effort of humans

1. This goal of economics strives t maximize the benefits of production at the lowest cost possible
2. This goal of economics ensures steady growth of the economy by maintaining stable unemployment levels and stable price levels for goods and services
3. A factor of production that focuses on the innovative qualities and skills of people to create more efficient and effective use of land, labor, and/or capital
4. This goal of economics seeks fairness and impartiality in the distribution of and access to resources
6. This goal of economics limits the obstacles and constraints that hinder the free ability to make choices in the face of scarcity
8. A factor of production defined as the machinery, equipment, factories, roads, etc. that are used in production
10. This goal of economics strives to protect against risk or danger based upon the economic uncertainties of a society