Economics Unit 1 Review

Front

Economics is about making choices.

Back

True

Front

Which of the following best describes an entrepreneur? Options: a person who works as an office clerk at a major corporation, a person who combines the factors of production to produce innovative products, a special type of capital, wealthy individuals who provide savings that stimulates the economy

Back

a person who combines the factors of production to produce innovative products

Front

What is the difference between a shortage and scarcity?

Back

A shortage is temporary but scarcity always exists.

Front

What is a good? Options: A need, A baseball game, Things people do for money, Things that people make or grow

Back

Things that people make or grow

Front

When there is a limited amount of resources available

Back

Scarcity

Front

The benefit you give up by choosing to do one thing instead of another

Back

Opportunity Cost

Front

What is economics the study of?

Back

People and their choices

Front

How do you satisfy your unlimited wants in a world of limited resources? Options: by making more money, by making choices, by stealing, by setting a budget

Back

by making choices

Front

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? What goods should be produced ?, How should the goods be produced?&, Who gets to consume the goods? 

Back

What is the price of the goods?

Front

Tony Romo, former quarterback for the Dallas Cowboys NFL team, would be considered which of the 4 economic resources? Land, Labor, Capital, Entrepreneurship

Back

Labor