Chapter 2, 6.2

_________ is what you give up to get something else

• Opportunity Cost

• Scarcity

• Resources

• Factors of Production

Which of the following are factors of production?

• Land

• Scarcity

• Labor

• Capital

• Opportunity

_______ is a lack of resources

• Capital

• Profit

• Scarcity

• Command

Steve Jobs created the company, Apple, which makes him a(n) ____________

• Market

• Entrepreneur

• Competition

• Consumer

_______ is the amount that producers will make and sell at various prices

• Supply

• Demand

• Equilibrium

• Economy

When prices go up, demand for a good will _______

• Go up

• Go down

• Stay the same

Factories and equipment used to make goods are ______ resources

• Land

• Labor

• Capital

• Entrepreneurship

In a market economy, the point where the quantity supplied and quantity demanded meet is known as the _________

• Equilibrium Price

• Economy

• Factors of production

• Mixed Economy

In a market economy, who determines what is made?

• The government

• Laws

• Buyers and Sellers

• The president

Which of the following is NOT a land/natural resource?

• Trees

• Iron

• Diamonds

• Workers