Unit 1 Econ assessment

Front

While the wants and needs of consumers are unlimited, productive resources are limited, forcing consumers and producers to make choices. This concept is known as

Back

scarcity

Front

In economics, the term “scarcity” is best illustrated by which of the following situations? Producers lack the productive resources needed to produce goods and services., Consumers lack the money needed to buy goods and services., Entrepreneurs lack the customers needed to earn a profit., Laborers lack the skills needs to earn a promotion.

Back

Producers lack the productive resources needed to produce goods and services.

Front

What motivates entrepreneurs to take risk?

Back

profits

Front

What are the factors of production?

Back

Land, labor, capital, entrepreneurship

Front

In the production of loaves of bread, which best represents the factor of capital?

Back

The oven used to bake the bread

Front

George decides to go back to school to earn an advanced degree. Which productive resource is most directly affected by George’s decision?

Back

Human capital

Front

People’s education, skills/abilities, health, and motivation are all part of _________ capital.

Back

Human

Front

Microeconomics focuses on

Back

small economic units, such as individuals, firms, and markets.

Front

What is the relationship between opportunity costs and trade-offs?

Back

Opportunity costs occur when trade-offs are made.

Front

What is the opportunity cost of buying a movie ticket for $15?

Back

The money and time you spend on the movie