1. People's wants are unlimited. This fact means that what will always be present?

2. What are the factors of production?

3. Why is the standard of living in Japan is much higher than in Nigeria?

4. What is the best title for the following? innovator strategist risk taker

5. How do you measure productivity?

6. Why are tradeoffs necessary?

7. When Amy returns a good library book without finishing it so she won't have to pay a late fee, what is her opportunity cost?

8. What does it mean to maximize utility?

9. What is the law of diminishing marginal utility?

10. The three fundamental economic questions are what to produce, ______________, and for whom.

11. What is the economic goal most important in a traditional economy?

12. Why are economies most efficient when they have full employment?

13. What does Adam Smith's idea of an "invisible hand" represent?

14. In the circular flow model, what is a factor payment?

15. Why did the Soviet Union experience so many surpluses and shortfalls?

16. Which kind of economy is most common today?

17. What would government do in a model free enterprise system?

18. Why might some historians consider Adam Smith one of the most influential people in history

19. What is a tradeoffs?

20. Economists assume people choose something when its expected costs are less than its?

21. What is thinking at the margin?

22. Define a market?

23. What does it mean to say that free markets are efficient?

24. What is the law of unintended consequences?