ECONOMICS Chapter 4 Introduction - Key

1. The standards we are covering are SSEMI2 & SSEMI3. 2. Two types of economic products are goods and services. 3. People use goods and services to satisfy their needs and wants. 4. Resources used to make all goods and services are factors of production. 5. The factors of production are: a. land b. labor c. capital d. entrepreneurs 6. Efficient means using resources in such a way as to maximize the output of goods and services. 7. The 3 economic questions are: a. What to produce b. How to produce c. For whom to produce for 8. An economic system is an organized way to distribute goods and services. 9. The United States is a market economy. 10. The interaction between demand and supply determines: a. price of most goods & services b. quantity produced of most goods & services