Economics

Economics

What Did You Learn?

Multiple Choice

The study of how people make choices about ways to use limited resources to fulfill their wants

• Scarcity

• Productivity

• Economics

• Entrepreneur

Multiple Choice

What are the factors of production?

• Land, labor, capital, entrepreneurship

• Macroeconomics, microeconomics, productivity

• Circular flow of income

• Convenience store

Multiple Choice

The amount of output (goods and services) that results from a given level of inputs (land, labor, capital and entrepreneurship)

• Scarcity

• Capital

• Productivity

• Economics

Multiple Choice

Sacrificing one good or service to purchase or produce another

• Economy

• Trade-off

• Productivity

• Land

Multiple Choice

Actions that can satisfy people's wants or needs

• Goods

• Productivity

• Labor

• Services

Multiple Choice

Value of the next best alternative given up for the alternative that was chosen

• Opportunity cost

• Trade-offs

• Technology

• Land

Multiple Choice

When individuals take risks to develop new products and start new businesses in order to make profits

• Scarcity

• Opportunity cost

• Land

• Entrepreneurship

Multiple Choice

The branch of economic theory dealing with the economy as a whole and decision making governments

• Economics

• Macroeconomics

• Scarcity

• Productivity

Multiple Choice

Natural resources and surface land and water

• Land

• Labor

• Goods

• Services