2024 Unit 1 Econ Concepts

You bought two CDs with your last $30 instead of going out to movies with friends. What is the opportunity cost?

• the difference between the cost to make

  the CDs and the price you paid

• the $30 that you gave the clerk for the

  CDs

• the movie with your friends that you now

  cannot afford

• the joy of knowing you are the first to

  have these CDs

What term means not enough to satisfy unlimited wants?

• Goods

• Scarcity

• Services

• Opportunity Cost

• Trade-Offs

Factor of Production - Tools is a good example of:

• Land
• Labor 
• Capital
• Entrepreneurship

Factors of Production - Workers are a good example of :

• Land
• Labor 
• Capital
• Entrepreneurship

Factors of Production - Raw materials (i.e. cotton, oil...etc.) are a good example of:

• Land
• Labor 
• Capital
• Entrepreneurship

The amount of a good or service that consumers are willing to buy at different prices

• supply

• resources

• choice

• demand

What do households provide to the factor market?

• land, labor, capital 
• money
• people
• income

Which of the following is NOT a factor of production?

• land
• labor
• capital
• goods and services

Businesses pay wages for which factor of production?

• Land

• Labor

• Entrepreneurship

• Raw materials

What are capital resources?

• things from nature used to produce goods
• the machines, tools, and buildings used to produce goods
• the people used to produce goods