Econ-2.1 Formative Assessment Option 1

Fill in the Blank

What is the other name for Factors of Production?

Audio Response

Consider the final good of kitchen cabinets. What is an example of a land resource that would be used to produce this good?

BE SURE TO START YOUR RESPONSE WITH, "An example of a land resource used to produce kitchen cabinets would be.."

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Audio Response

Consider the final service of a haircut. What is an example of a labor resource that would be used to produce this service?

BE SURE TO START YOUR RESPONSE WITH, "An example of a labor resource used to produce a haircut would be.."

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Audio Response

Consider the final good of a video game. What is an example of the human capital resource that would be used to produce this good?

BE SURE TO START YOUR RESPONSE WITH, "An example of the human capital resource used to produce a video game would be.."

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Audio Response

Consider the final good of a 3-pound bag of Zestar apples. What is an example of a physical capital resource that would be used to produce this good?

BE SURE TO START YOUR RESPONSE WITH, "An example of a physical capital resource used to produce a 3-pound bag of Zestar apples would be.."

Open Audio Recorder

Audio Response

Consider the final service of a social media app. What is an example of entrepreneurship that would be key in producing this service?

BE SURE TO START YOUR RESPONSE WITH, "An example of entrepreneurship that would be key in producing a social media app would be.."

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Open Ended

If the market price for a good is $100 per unit and the total cost of producing this same good is $55, what is the profit from the sale of each unit of this good? Explain how you found your answer.

Open Ended

Based on the information in the image given, find the total cost for each technique given. Then, based on the total costs you find, identify the technique will maximize the profit for this good AND identify the technique that is the least profitable. SHOW YOUR WORK BY UPLOADING A PIC OF YOUR WORK.

Multiple Choice

Which of the following is the proper definition for "Factors of Production"?

• The time and effort that people devote to a task for which they are paid.

• A resource with an available quantity less than what is desired at a price of zero, used to produce scarce final goods and services.

• The collective skills, knowledge, education or other intangible assets of individuals that can be used to create economic value.

• A person who has the foresight and willingness to combine land, labor and capital to create and market new goods and services.

Multiple Choice

In economic terms, what contributes to Human Capital?

• Machines and Buildings

• Physical strength of workers

• Raw materials

• Education and Training

Multiple Choice

Which of these is the best description of Labor as a factor of production?

• Fixed assets for production

• Investment in employees' skills

• Land containing coal mines

• Work people do

Multiple Choice

Which of the following would be considered Entrepreneurship?

1. Seventh Generation, which sells eco-friendly cleaning and personal care products, was launched in 1988 in response to growing societal concerns about the environment.

2. An assembly line worker helping to build a new Tesla vehicle.

3. You launch a ride-share service, similar to Uber, in Chanhassen and the surrounding area.

4. A tractor used on a farm.

5. Starting a new computer repair business.

• 1 & 4

• 2 & 4

• 2, 3 & 5

• 1, 3 & 5

Multiple Choice

Based on the chart given, Identify the production technique that maximizes the profitability of the Ninja Blender.

• Technique #1

• Technique #2

• Technique #3

• None of the Techniques are maximizing the use of the Factors of Production.