AP MACRO REVIEW questions with correct answers

society's virtually unlimted wants paired our scarce and limited resources create this problem CORRECT ANSWER the "economizing problem" usefulness or satisfaction CORRECT ANSWER utility all natural, human, and manufactured items that go into the production of goods and services CORRECT ANSWER economic resources they are the four factors of production (AKA economic resources) CORRECT ANSWER land, labor, capital, entrepreneurship all gifts of nature CORRECT ANSWER land manufactured/manmade tools used in production CORRECT ANSWER capital all human effort, physical and mental CORRECT ANSWER labor the risktaker that combines land, labor, and capital in order to create a new product CORRECT ANSWER entrepreneur income received by labor CORRECT ANSWER wages income received by capital CORRECT ANSWER interest