Economics: Unit 1 Review "What is Economics"

There are 4 _______________. They are land, labour, capital and entrepreneurship.

• Factor of Production 
• Market Economy 
• Profit 
• Economics 

The study of how people seek ways to meet their wants and needs by making choices is called?

• Economics
• Scarcity
• Capitalism
• Entrepreneurs

Organizing land, labour and capital (factors of production), in the production of goods or services is called  

• Entrepreneurship 
• Mixed Economy 
• Profit 
• Planned Economy 

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

• Market 
• Tradeoff
• Scarcity 
• Equity 

If you want to open a restaurant, you will need waitstaff. Waitstaff are

• Labor
• Human capital
• Physical capital
• Land

The reason why you cant have everything you want is because of 

• Opportunity Cost
• Scarcity
• Incentive 
• Choice

Which of the following is a need?

• clothes
• car
• job
• smart phone

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 

• What goods should be produced ?
• What is the price of the goods? 
• How should the goods be produced? 
• Who gets to consume the goods? 

The trees used to make lumber to build a new house is which factor of production?

• Labor
• Physical Capital
• Capital
• Land

The study of how people seek ways to meet their wants and needs by making choices is called?

• Economics
• Scarcity
• Capitalism
• Entrepreneurs