Economics Unit 1 Quiz

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

A herd of cattle is an example of ...

• Land
• Labor
• Entrepreneur
• Capital

A bulldozer is an example of...

• Land
• Labor
• Entrepreneurs
• Capital

Your Mail lady is an example of...

• Land
• Labor
• Entrepreneurs
• Capital

What is the fundamental problem of every society?

• labor costs
• scarcity
• economic interdependence
• market fluctuation

Land, Labor, Capital, and Entrepreneurship 

• Diversification
• Deductions
• Portfolio
• Factors of Production 

tool, equipment, or other manufactured good that is used to produce other goods and services.

• capital good
• consumer good
• scarcity
• land resource