What is Economics?

Something like air, food, or shelter that is necessary for survival

• needs
• wants
• economics
• goods

An item that people desire but that is not essential to survival

• need
• want
• economics
• goods

The study of how people seek to satisfy their needs and wants by making choices

• needs
• wants
• Economics
• goods

A physical object such as clothes or shoes.

• Goods
• Services
• Shortages
• Resources

Actions or activities that one person performs for another

• Capital
• Shortages
• Services
• Factors of Production

Limited quantities of resources to meet unlimited wants

• Physical Capital
• Factor of Production
• Macroeconomics
• Scarcity

Which of the following is not a factor of production?

• Land
• Labor
• Capital
• Scarcity

What is an entrepreneur?

• A leader that combines the factors of production to make something new
• A car rental company
• A person that entertains others.
• A French word meaning "blah"

In Economics, how many types of capital are there?

• None
• One
• Two
• Endless

The New England Patriots are in the Super Bowl.  Again.

• True
• False