SY1819 Economics IA1 Review Game

Factors of production include which of the following?

• Goods and services

• Land, labor, capital, and entrepreneurship

• Technology products and entrepreneurship

• All of the products produced in an economy

How is Human Capital different from Physical Capital?

• Human Capital is related to labor only, Physical Capital is related to tools/machines

• There is no difference between Human Capital and Physical Capital.

• Human Capital is related to natural raw materials; Physical Capital is related to machines/tools

• Human Capital is related to knowledge, skills, and experience; Physical Capital is related to machines/tools

How do the risks that entrepreneurs take benefit society?

• Jobs are created

• Profits are earned

• Innovation is encouraged

• all of the above

If you spend $8 to go to the movies instead of going out to eat with friends, how would you describe the Opportunity Cost?

• The enjoyment you received from going to the movie.

• $8 that you no longer have available.

• The $8 you could have spent on something else.

• The satisfaction you would have received from eating the meal.

The value of the next best alternative that has to be given up for the action that is chosen is the:

• opportunity cost.

• productivity.

• Factor of production

• trade-off.

Why does scarcity exist?

• limited wants, but unlimited resources

• the four factors of production are not available at the same time

• government control of the market

• limited resources, but unlimited wants

The resources used to make all goods and services are the

• Opportunity Costs

• Productive Resources

• Production Possibilities

• Production Trade Offs

Any resources that are made by humans and used to create other goods and services are called

• capital

• labor

• services

• production

What is the opportunity cost of a decision?

• the different ways that a different person might have made the decision

• the best possible way the question could have been decided

• the series of alternative decisions that could have been made

• the most desirable alternative given up for the decision

What is a factory building an example of?

• an economic trade-off

• technology

• human capital

• physical capital