Econ Test

A garbage truck driver is an example of which Factor of Production?

• labor
• land
• entrepreneurship
• capital

Iron, minerals, coal and plants are examples of which productive resource?

• land
• labor
• entrepreneurship
• capital

Which factor of production would you consider a lawn mower?

• Land
• Labor
• Capital
• Entrepreneur

The people who decide to buy.

• Producers
• Consumers
• Economist
• Entreprenuers

What is an entrepreneur?

• A person who starts a new business.
• A leader of a country.
• A worker in a factory.
• A student in college.

Why does scarcity exist?

• Wealthy private business owners keep all of the money for themselves.

• Governments control all the resources in society.

• There are unlimited needs and wants but limited resources from which to satisfy them.

• There are limited needs and wants but unlimited resources to satisfy them.

What does scarcity force societies to have to do?

• Make choices

• Make money

• Lose resources

• Have winners and losers.

Which one of the following is considered an economic want?

• Food & Water
• Clothing
• Shelter
• Transportation

What are the four factors of production? 

• Land, Labor, Consumer, Owner
• Entreprenuer, Office, Materials, Labor
• Human Capital, Labor, Entrepreneur, Land
• Land, Labor, Capital, Entrepreneur

what is given up when a choice is made

• Scarcity
• choice
• opportunity cost
• resources