Intro to Economics

What are the Four Factors of Production

• Water, Earth, Fire, Air

• Land, Labor, Money, Entrepreneurship

• Land, Labor, Capital, Energy

• Space, Technology, Markets, Trade

Which answer best matches the definition for the term scarcity.

• The production and distribution of a good or service

• The freedom to choose in a market economy

• A limited number of resources available

• A state in which there is an excess amount of something

What is an incentive?

• When someone puts money into a company or corporation

• When the price for a good or service is increased

• When a company has complete control over the production of a certain good or service

• A thing that motivates a consumer to purchase a product or service.

What does an Entrepreneur do with the other Factors of production?

• Organizes and manages them

• Sells them off to the highest bidder

• Competes with them

• An entrepreneur does not do anything with the other Factors of Production

What does Capital mean in economics?

• The Urban Center in a State or Nation

• An expression of approval towards an idea

• The letter that starts a sentence or name

• Legal Tenure/Money

Which option below is an example of production

• A Zoo Keeper

• A Doctor Prescribing Medicine

• A Farmer Growing Corn

• A Server at a Restaurant

What is the fundamental question(s) in Economics

• what goods and services and how much of each to produce

• how to produce

• for whom to produce

• ho owns and controls the factors of production

• All of the Above

Which below is an example of an Economic Principle

• People enjoy products

• People will almost always pay for the better quality item

• People face tradeoffs due to scarcity

• Producers will often lie to consumers

Which below is an example of an economic principle

• Wealthy individuals typically spend more money

• Money across the globe is universal

• Individuals are generally considered educated consumers

• The consequence of a choice in purchasing always lies in the future

Which option below is an example of a macroeconomic decision?

• Deciding whether or not to install a karaoke machine in a restaurant.

• Opening business earlier in the day

• Setting up chain stores across a nation

• Analyzing how unemployment impacts businesses