ECONOMICS LEP 2

Multiple Choice

Which definition matches income?

• Money that you collect

• money that is earned as a result of working

• The amount of money made before deductions are taken out

• The amount of money made after deductions are taken out

Multiple Choice

Which definition matches gross income?

• The amount of money made after deductions are taken out

• Money that you collect

• The amount of money made before deductions are taken out

• money that is earned as a result of work

Multiple Choice

Obtaining something you want with the understanding you'll pay for it later.

• Credit

• Debit

Multiple Choice

What are the resources called that are needed to produce a good or service?

• Goods and services.

• Needs and wants.

• Factors of production.

• All of the above.

Multiple Choice

_________ is the study of how individuals and businesses decide how to allocate scarce resources.

• Entrepreneurs

• Government

• Opportunity Costs

• Economics

Multiple Choice

What is the most scare resource?

• time

• water

• air

• people

Multiple Choice

The internet, computers, factories, and Technology are all...

• Capital Goods

• Human Capital

• Natural Resources

• Entrepreneurship

Drag and Drop

The difference between scarcity and shortage, is that scarcity ​

Placeholder

exist and a shortage is ​

Placeholder

.

Drag these tiles and drop them in the correct blank above

always

temporary

want

need

services

Multiple Choice

Explain whether the following is labor, capital, land, or enterprise:

A factory worker

• Land

• Labor

• Capital

• Enterprise

Multiple Choice

Explain whether the following is labor, capital, or a land, or enterprise:

A college professor

• Land

• Labor

• Capital

• Enterprise

Multiple Choice

The factor of production known as land represents

• human capital

• natural resources/ raw materials - the parts and pieces that go into the final product

• office buildings

• business experience