Factors of Production Review for Final Exam #2

Front

During a school project, Melaina and J.T. were asked to identify a natural resource or "gift of nature." Which of the following did they choose? Machinery, Computers, Forests, Buildings

Back

Forests

Front

In the context of factors of production, what does capital refer to for Melaina and J.T.'s bakery?

Back

Tools and equipment

Front

What factor influences the quantity of labor available in an economy according to Amanda and Andrew? Options: Natural resources, Education levels, Capital goods, Mineral resources

Back

Education levels

Front

During a business class discussion, what did Julia and Andrew identify as the primary reward for entrepreneurs?

Back

Profit

Front

During a field trip to an energy plant, Harley and Amanda were asked to identify a resource that cannot be replenished once it is used up. Which of the following did they choose?
Forests, Water, Oil, Wind

Back

Oil

Front

What does the abbreviation PPF stand for?

Back

Production Possibilities Frontier

Front

What does the Production Possibilities Curve (PPC) illustrate in the scenario of Melaina and Andrew planning a community garden with limited space and resources?

Back

All potential combinations of fruits and vegetables the garden can produce

Front

What is the opportunity cost of choosing to go to the movies?

Back

The cost of not visiting the museum.

Front

Andrew and Trisha are planning a weekend trip. They have to choose between going to the beach or hiking in the mountains. What is the trade-off in their decision-making process?

Back

Sacrificing alternatives when one choice is made

Front

What should ethical consumers like Amanda and Andrew do according to the document?

Back

Research products and make informed decisions