ECON TEST 1 REVIEW

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 this resource?

• human resource
• capital resource
• natural resource
• human and capital resource

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.

Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.

• Scarcity
• Supply and Demand

If a resource is scarce

• there is a shortage and unlimited wants in a world of limited resources
• to be extremely rare and expensive

The study of how people make decisions given the resources that are provided to them.

• Economics
• Command Economy

When individuals or businesses concentrate on only a few things so they can become experts at those few things, it is called...

• Scarcity

• Specialization

• Standard of Living

• Supply and Demand