Ch 1 What is Economics

Which of the following are factors of production?

• scarcity and shortages

• capital and labor

• technology and productivity

• economics and business decisions

What is a service?

• A job

• an item you buy

• A need

• Something you do for another person

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

Which of the following is not a good?

• Clothes
• Food
• Dog Walker
• Toys

Which of the following is not a service?

• Dry Cleaner
• Car Wash
• Clothes
• Babysitter

Which of these is a need?

• car
• water
• video games
• candy

Which of these is a want?

• Legos
• air
• water
• food

You bought two new CDs with the last $30 in your checking account, and your next payday is on Monday. What is opportunity cost of these CDs?

• The difference between the cost to product the CDs and the price you paid.

• The $30 check that you wrote for the CDs.

• The night out with your friends that you miss because you can’t afford it now.

• The satisfaction of knowing you are first of your friends to have these CDs

A crew of men are hired to paint a new house.  They are providing a ____

• service
• product
• specialization
• good

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs