AP MACRO REVIEW EXAM 2024 WITH 100% 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