Productivity & Free Enterprise Review (Econ U1Q2)

The principle that people may decide what, when, and how they want to buy and sell is ______ exchange.

The products and/or services that an organization produces.

• Positive Incentive

• Outputs

• Inputs

• Negative Incentive

A reward or other enticement that encourages a behavior

• Positive Incentive

• Outputs

• Inputs

• Negative Incentive

A penalty that discourages a behavior

• Positive Incentive

• Outputs

• Inputs

• Negative Incentive

The specific economic resources used in producing goods and services

• Positive Incentive

• Outputs

• Inputs

• Negative Incentive

______ is the development of skills in a specific kind of work.

The value of a particular product compared to the amount of labor needed to make it

• Productivity

• Economics

• Macroeconomics

• Gross Domestic Product (GDP)

The monetary value of all the finished goods and services produced within a country's borders in a specific time period

• Productivity

• Economics

• Macroeconomics

• Gross Domestic Product (GDP)

The study of scarcity and choice

• Productivity

• Economics

• Macroeconomics

• Gross Domestic Product (GDP)

The study of the economy as a whole

• Productivity

• Economics

• Macroeconomics

• Gross Domestic Product (GDP)