the Basics

the Basics

Assessment

Flashcard

History

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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24 questions

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1.

FLASHCARD QUESTION

Front

This economic concept that nothing is truly free; everything has a cost.

Back

TINSTAAFL - There is no such thing as a free lunch

2.

FLASHCARD QUESTION

Front

A garbage truck driver is an example of which Factor of Production?

Back

labor

3.

FLASHCARD QUESTION

Front

The term "factors of production" means:

Back

resources or skills needed to produce goods or services

4.

FLASHCARD QUESTION

Front

A grocery store that runs out of peanut butter due to a strike at the Skippy plant is an example of a(n):

Back

shortage

5.

FLASHCARD QUESTION

Front

The human effort involved in the production of goods and services is known as:

Back

Labor

6.

FLASHCARD QUESTION

Front

The enterprising spirit that allows an individual to identify gaps in the market and take risks (including starting a business):

Back

Entrepreneurship

7.

FLASHCARD QUESTION

Front

All natural resources that go into the production of a good or service: Capital, Entrepreneurship, Land, Labor

Back

Land

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