Intro to Economics

What are the Four Factors of Production?

• Land, Wealth, Motivation, Lumber

• Labor, Market, Investing, Capital

• Capital, Entrepreneurship, Land, Labor

• Entrepreneurship, Skills, Financing, Investment

Which factor of production would the following be?

Oil

• Capital

• Natural Resources

• Entrepreneurship

• Labor

Which factor of production would the following be?

Money

• Capital

• Entrepreneurship

• Labor

• Natural Resources

Which factor of production would the following be?

Financing a Business

• Labor

• Capital

• Entrepreneurship

• Natural Resources

The production, distribution, and consumption of Goods and Services. (A system of exchange) is known as...

• Financing

• Investing

• Distributing

• Economics

Defined as a state in which there is a limited number of resources available.

• Natural Resources

• Equilibrium

• Scarcity

• Abundance

If I am given an option to buy a something and get a second one free this is an example of a...

• Supply and Demand

• Investing

• Scarcity

• Incentive

As price goes down, demand goes up is an example of what?

• The Substitution Effect

• The Law of Demand

• The Law of Supply

• Equilibrium

The Demand Curve always…

• Curves upwards

• Curves down to the left

• Curves down to the right

• The demand curve never moves

Consuming more of one good because of a change in price of another good is known as the…

• The Law of Demand

• The Law of Supply

• The Substitution Effect

• The Scarcity Effect