Basics of Economics

Everything that is produced has a cost. This is an example of

• Scarcity

• TINSTAAFL

• Production

• Factors of Production

Check all that are factors of production.

• Land

• Finance

• Capital

• Labor

• Weather

Which person would be considered an entrepreneur?

• Employee at Wal-Mart

• Railroad worker

• Car salesman

• Owner of a restaurant

Economics only concerns money.

• True

• False

Gifts of nature, not created by human effort.

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Choose the image that is an economic example of "capital".

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Which is not a basic economic question?

• What to produce

• Where to produce

• How to produce

• For whom to produce

Microeconomics studies individuals' economic behavior.

• True

• False

Macroeconomics studies society's economic behavior.

• True

• False

This is an example of the

• Flow of the United States

• Circular flow business activity

• Circular flow of economic activity

• Flow of money