Unit 4: Understanding Economics

Front

Things that people do for others are referred to as

Back

services

Front

Which of the following is not a factor of production: land, labor, scarcity, capital goods?

Back

scarcity

Front

What is an entrepreneur?

Back

an owner of a business

Front

material things that people buy are known as

Back

goods

Front

Which of the following could be considered "land" on a construction site? a bulldozer, a construction worker, a hard hat, lumber

Back

lumber

Front

Which of the following would be considered a "capital good" at a bakery? Options: flour, oven, icing, the baker

Back

oven

Front

Which of the following would be considered the "labor" at a car dealership? Options: the salesman, the cars, the parking lot, the price tag

Back

the salesman

Front

Which of the following would be considered the "entrepreneur" of a tech start up? Options: the software engineers, the apps that are developed, the computer software, the owner who had the idea

Back

the owner who had the idea

Front

Which of the following is not a basic question of economics?
what is going to be produced,
how is it going to be produced,
why is it going to be produced,
who is it going to be produced for

Back

why is it going to be produced

Front

The problem that we have unlimited wants but there are limited resources to fulfill those wants is known as:

Back

scarcity