Completion Complete each sentence or statement. LES exists when our wants are greater than the resources available to satisfy those wants. 2 cannot be touched, but they represent valuable actions that others perform for us. 3. In economics, a synonym for factors of production is 4. The category of includes things found in nature including animals, forests, water, and minerals. 5. The free enterprise system can also be accurately called 6. In government controls and may own many of the resources. 7. An economic system that is based on customs, skills, and cultural beliefs is called a(n) qqo art EA economy. 8. wrote The Wealth of Nations and believed that self-interest causes people to work hard and take risks, which benefits society. 9. When individuals, businesses, and governments in any part of the world are affected by events elsewhere in the world, it is called 10. Innovations such as the internal combustion engine, steamship, telephone, telegraph, and computers are called advances in which have led to lower communication costs. sands .d True/False sus bardaunt 10 1lot sd nao Jani agniniT .DE Indicate whether the sentence or statement is true or false. 11. To an economist, the resource category of land would include all the natural resources found in nature, including forests and animals. athelad Inoizvila 12. Wealthy people like Bill Gates and Steve Jobs don't have to deal with scarcity. in hea loisvig d 13. Most goods are rationed by brute force. whathow ngenol 14. The most widely used rationing device in our society is price. 15. Saving when you are young is pointless, since you earn so little compared to later in life. 16. Seatbelt laws and air bags have unintended consequences.di boog a to east af and) 17. A synonym for resources is factors of production. boog a to elqqua befimilan as el prods b to dodW CE 18. The machinery, tools, and factories that are used to produce goods and services are called capital. 19. Capital is frequently referred to as the forgotten resource. 20. In a socialist economic system, resources are owned and controlled by private individuals. 1Name: ID: A 21. If social assistance were given to unemployed workers, we would expect them to make more effort to find jobs. 22. In a socialist economic system, government decision makers allow prices to fluctuate (go up and down) 23. North Korea enjoys a higher standard of living than South Korea due to a larger governmental role in planning. 24. It is possible that people in various countries are willing to make different trade-offs when it comes to labor and leisure. 25. In their books, Adam Smith and Karl Marx both state that capitalists improve the condition of workers