Economics F1

Economics is the study of........

• how people seek to satisfy their needs by making choices

• how people seek to satisfy their wants but not needs by making choices

• how people seek to satisfy their wants by making choices

• how people seek to satisfy their needs and wants by making choices

Which type of cost occurs when an individual pays for a driving lesson instead of going to a movie?

• marginal cost

• fixed cost

• opportunity cost

• residual cost

The basic economic condition that exist when unlimited wants exceed limited productive resources is called

• capital

• scarcity

• hyperinflation

• opportunity cost

Human-made materials used to produce goods and services.

• capital

• labor

• land

• entrepreneur

An oil rig is what type productive resource?

• Physical capital

• human capital

• natural resource

What are land resources?

• Factories, equipment, and machinery used for production

• Soil, mineral deposits, forests and other raw materials

• Money in banks used for business investment

• Workers and managers who produce goods & services

Who buys and uses goods and services

• entrepreneur

• producer

• consumer

• labor

Items for sale that can be touched.

• profit

• services

• demand

• goods

talents and skills of human beings

• labor

• land

• entrepreneur

• capital

things that people must have in order to survive

• opportunity cost

• needs

• wants

• scarcity