2024 Unit 1 Econ Concepts

Front

You bought two CDs with your last $30 instead of going out to movies with friends. What is the opportunity cost?

Back

the movie with your friends that you now cannot afford

Front

What term means not enough to satisfy unlimited wants?

Back

Scarcity

Front

What are the factors of production? Options: Land, Labor, Capital, Entrepreneurship

Back

Capital

Front

Workers

Back

Labor

Front

Raw materials (i.e. cotton, oil...etc.) are classified under which category? Options: Land, Labor, Capital, Entrepreneurship

Back

Land

Front

The amount of a good or service that consumers are willing to buy at different prices

Back

demand

Front

What do households provide to the factor market?

Back

land, labor, capital

Front

Which of the following is NOT a factor of production? (land, labor, capital, goods and services)

Back

goods and services

Front

Businesses pay wages for which factor of production?

Back

Labor

Front

What are capital resources? Options: things from nature used to produce goods, the machines, tools, and buildings used to produce goods, the people used to produce goods

Back

the machines, tools, and buildings used to produce goods