Y1 2nd Nine Weeks

Factors of production include which of the following?

• land, labor, capital, and entrepreneurship

• technology products and entrepreneurship

• goods and services

• all of the products produced in an economy

A company's office buildings are an example of

• capital

• labor

• land.

• entrepreneurship

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

• factor of production.

• trade-off.

• opportunity cost.

• productivity

A production possibilities curve helps determine

• factors of production.

• costs of production.

• all the opportunity costs and trade-offs that a business will face during a year.

• the maximum combinations of goods and services that can be produced in a given time.

A car used by a messenger service is a type of

• capital

• labor

• trade-off.

• opportunity cost.

What is the basic problem of economics?

• pricing

• scarcity

• consumer behavior

• government policies

Economics is primarily concerned with which of the following?

• future costs of goods

• values and objectives of a society

• use of resources

• methods of production

Entrepreneurship refers to the ability to

• manage other people.

• adapt technology efficiently.

• start new businesses, introduce new products and processes, and improve management techniques.

• borrow capital successfully and expand an existing business to meet customer demand.

In a capitalist system, most property is

• private property.

• owned by the government.

• regulated by the government.

• owned by banks.

A major characteristic of a pure market economy is

• unrestricted competition.

• an oversupply of labor.

• strong government planning.

• regulated prices.