smartbook econ 1. Verified Instructor Notes for Exam Preparation

When economists summarize the country's economic health, which of the four elements that make up the scope of economics are they performing? Multiple choice question. Explanation Description The factor of production called "" includes tools, equipment, machinery, and factories. capital When economists try to discover why some prices are higher than others, or why some people earn more than others, they are performing which of the four elements that make up the study and scope of economics? Analysis The factor of production includes people with all of their efforts and skills, with the exception of who are risk-takers in search of profits and who do something new with existing resources labor entrepreneurs Economists are concerned with , or telling us what is going to happen in the future. predictions Select all that apply Which statement(s) describes entrepreneurs? Multiple select question. They are responsible for much of the